… is from page 178 of former Caltech physics professor and provost – and former Energy Department undersecretary during the Obama administration – Steven Koonin’s superb 2021 book, Unsettled? What Climate Science Tells Us, What It Doesn’t, and Why It Matters:
[C]limate is only one of many factors influencing economic development and well-being. Economic policies, trade, technology, and governance are also important, and these are different in different countries and can change in unpredictable ways. Economics measures are highly regional, and their future uncertainties are compounded by the uncertainty of regional climate predictions. It is particularly difficult to predict how, and how much, a rising temperature would damage a society economically in the face of so many unknowns – among them the role that might be played by adaptation measures like the raising of sea wall or shifts in what crops are cultivated that minimize, or sometimes even exploit, the impact of climate changes.