Takeaway: By studying millions of Americans who permanently relocate across different climate zones, researchers found that warmer temperatures reduce worker earnings far less than leading climate-economy models predict. Key Points Short-term shocks vs. long-term climate: Traditional climate models often infer future economic damage from temporary weather spikes, which overstate long-run harm because they ignore human adaptation. Minimal wage penalty: Workers who move to loca

Takeaway: Business managers become significantly more uncertain whenever their firms experience rapid change, whether good or bad, and this doubt directly prompts them to scale back hiring and lower prices. Key Points Change Breeds Doubt: Managerial uncertainty follows a distinct "V-shape", rising not only when sales drop unexpectedly, but also when they surge unexpectedly. More Than Statistical Risk: Perceived uncertainty isn't just objective market volatility; it reflects m