Important note: Information in this article was accurate in 2004. The state of the art may have changed since the publication date.
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Wall Street Journal - June 11, 2004
In a day when so many illuminati are fretting over global warming, it's easy to forget that most of the world's poor and sick are dealing with far more basic problems. The goal of the Copenhagen Consensus -- part-sponsored by the Danish government -- was to bring together the biggest names in economics, including three Nobel Laureates, to take a look at these issues. Their job was to apply cost-benefit analysis to the world's biggest problems and then, with $50 billion in an imaginary budget, prioritize spending on solutions.
The result is a sobering and intelligent appraisal of the world's real challenges. At the top of the list were AIDS and fighting malnutrition. The economists reckoned $27 billion could prevent 28 million cases of AIDS by 2010 -- a 40-fold return on investment. They also suggested $12 billion for a program to provide micronutrients such as iron, iodine, or Vitamin A to the billions of people who lack these essentials and so suffer from stunted growth, lower IQ or blindness. (Now if only the United Nations would prioritize the same way.)
Perhaps most encouraging was priority No. 3: eliminating subsidies and trade barriers. Any good economist knows an ounce of trade liberalization is worth a pound of aid, and the Copenhagen economists agreed that low-cost policy changes largely on the part of developed countries would result in $2.4 trillion in annual benefits.
What of that monster menace, global warming? Much to the chagrin of the climate-crazed European Union, the Copenhagen brains ranked Kyoto and other climate projects dead last, terming them "bad" projects with costs that would likely exceed benefits. The panel, however, did advocate increased research into more affordable carbon-abatement technologies. Now, where have we heard that before? Ah yes, from that "cowboy," George W. Bush.
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