The Environmental Protection Agency and other government agencies say fossil fuel and carbon dioxide emissions cause "dangerous global warming." Their latest strategy for advancing this thesis involves estimating the "social cost of carbon" — monetized damages associated with alleged climate risks. The agencies assume Earth's climate is highly sensitive to CO2, then hypothesize almost every carbon cost, including the impact on agriculture, forestry, water resources, coastal cities, ecosystems, wildlife and human health. But as a new Management Information Services report explains, they ignore the most obvious and enormous benefits of using fossil fuel and emitting carbon dioxide. Had they followed...