A paper from the MIT Department of Economics finds “climate change will lead to a $1.3 billion (2002$) or 4.0% increase in annual profits” of the US agricultural sector and that “the analysis indicates that the predicted increases in temperature and precipitation will have virtually no effect on yields among the most important crops.”
The authors state, “Overall, the findings contradict the popular view that climate change will have substantial negative welfare consequences for the US agricultural sector.”
Full paper available here
I hope them perfessors have tenure!