The author, a senior fellow at the Hoover Institution and a former member of President Reagan's Council of Economic Advisers, argues that the costs and risks of reducing carbon dioxide emissions far outweigh the costs and risks of doing nothing, at least for the next several decades. The book's novel contribution to the ongoing debate is its cogent arguments that global warming will probably be beneficial over the next century. There is an especially interesting chapter on climate change over the course of human existence, suggesting that prosperity and progress were much greater in warm periods than in cold ones. A warmer climate in the future would improve health, reduce mortality, enhance the amenities of life, and provide sundry other gains to Americans, against which must be put a modest rise in the sea level. The author debunks the more alarmist claims, but himself unpersuasively warns of a "nightmare of rising unemployment and lower economic progress" resulting from serious attempts to combat greenhouse gas emissions.