Cafe Hayek: Adaptation, Prices, and Climate Change

re: "Both the Atlantic (not yet online) and Sports Illustrated (HT: Michael Rizzo) feature cover stories on global warming. The Sports Illustrated piece is a bit of a stretch. They have a long tradition of trying to be about something more consequential than sports. Does global warming have anything to do with sports?...[snip]...One more thought on adaptation and the role of prices. If the worriers are right, if global warming really does threaten to make Miami uninhabitable, we'll see real estate prices in Miami start to fall as Easterbrook points out. The fact that they are not falling means that people do not believe the worriers. So someone is wrong. Either Al Gore or the guy who is paying the going rate for a lot in South Beach. My impulse is to choose Al Gore as mistaken simply because there is no consequence for him being wrong and the purchaser of the real estate has a much greater incentive to act on an inconvenient truth..."...