MPE 781 Economics for Managers Assignment

Added on -2020-02-19

| MPE 781| 21 pages| 4807 words| 70 views

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Running head: ECONOMICS FOR MANAGERS Economics For ManagersName of the StudentName of the UniversityAuthor Note
1ECONOMICS FOR MANAGERS Table of ContentsIntroduction:....................................................................................................................................2Answer 1:.........................................................................................................................................2Answer 2:.........................................................................................................................................3Answer 3:.......................................................................................................................................11Answer 4:.......................................................................................................................................13Answer 5:.......................................................................................................................................15References......................................................................................................................................17
2ECONOMICS FOR MANAGERS Introduction: Over the last few decades one of the most bothering and disturbing issues in a globallevel have been the drastic climatic changes and the phenomenon of global warming. Globalwarming in simple words means an increase in the overall average temperature of the earth, at apace, which is faster than normal. This phenomenon, though not accepted by a few, is mostlyperceived to be occurring in the recent times and has been a cause of immense concern amongthe global leaders and environmentalists across the globe, due to the short term and long termthreats it poses. The long term threats include huge changes in the global temperature, which inturn may result in an overall change in the environment as well as demography, endangering thelives of plants, animals and human beings (Fankhauser, 2013). Global warming, as suggested bymany, has been caused due to many reasons, one of the primary ones being the human activitiesover the years. The most harming of these activities has been the huge and uncontrolledemissions of greenhouse gases like carbon dioxide, methane and others, which aggravated to amajor extent since the last century. The concerned report gives a detailed account of this issueand tries to analyze and seek answers to several important questions, based on Kenneth J.Arrow’s article on Global Climate Change (Arrow, 2007). Answer 1: In the article, by Kenneth J. Arrow, the effects on the earth, positive and negative, due tothe occurrence of global warming and a rise in the overall level of temperature as a byproduct,has been discussed and critically evaluated. The article discusses about the potential costs that
3ECONOMICS FOR MANAGERS are expected to be borne by not only humankind but also other life forms existing on earth, dueto the aggravated pace of the global warming. There have been significant debates andconfusions regarding the extent of this cost and at what time this cost has to be borne by humanbeings. The author however, tries to suggest the presence of global warming in reality with thehelp of empirical evidences present. He also tries to discuss about the necessity to reduce theemission of carbon dioxide by huge levels in order to prevent the future catastrophic situationsthat are highly expected to arise if the emissions go on at the existing levels (Arrow, 2007). The article attributes the phenomenon of global temperature increase, to a big extent, tothe trace gases, which are present in the earth’s atmosphere. These trace gases are primarilycomposed of carbon dioxide, methane and water vapor and have the inherent property ofabsorbing radiations at low frequency, thereby getting heated up. The proportion of CO2 hasbeen consistently increasing, even at a greater pace post Industrial Revolution, which along withincreasing the mean temperature worldwide, is also having significant impacts (mostly adverse)on sea-levels, crops, vegetations, climate and life forms. The cost and benefit approach has beenused in this article to calculate the effects of taking restrictive measures on CO2 emissions innear future (Trenberth et al., 2014). Answer 2: The author, in this article advocates for the immediate need for taking restrictivemeasures on the uncontrolled emissions of the greenhouse gases, mostly carbon di0xide as sbeing currently done by human beings all over the world, especially in the industrially developedcountries. These measures, according to the author are mandatorily required to avoid the huge
4ECONOMICS FOR MANAGERS negative consequences from the global warming, which is being substantially caused by theuncontrolled emission of these greenhouse gases. The implications, as suggested by Arrow, canbe short term as well as long term. The reasons, as put forward by the author, in support of hissuggestions, are elaborately discussed in the following section: Scientists, environmentalists and global leaders across the world has overtimeunanimously agreed to the fact that one of the dominating factors causing this global warminghas been the natural as well as man-caused emissions of greenhouse gases, especially carbondioxide, from the beginning of existence of life forms on earth. These greenhouse gases, beingone of the comprising elements of the trace gases, have added bulks to the amount of trace gasespresent in the atmosphere of the earth (Seinfeld & Pandis, 2016). The trace gases, having theunique tendency of absorbing radiations when emitted at low frequencies, have caused theheating up of the earth overtime. One of the major sources of the emission of carbon dioxide hasbeen the activities of the human beings, who, especially from the last few centuries, have beencontributing significantly to the share of emission of carbon dioxide in the earth’s atmosphere.The levels have drastically risen from the time of initiation of the Industrial Revolution. PostIndustrial Revolution, these levels have significantly gone up with time (Lau, Lee & Mohamed,2012). The following graph shows the dynamics in the emission of carbon dioxide overtime:
5ECONOMICS FOR MANAGERS Figure 1: Emission of Carbon Dioxide Globally (Source: Scienceblogs.com, 2017)The above figure supports the fact that the emissions have significantly from theIndustrial Revolution period, as can be seen that the emissions significantly rose from 1851, withthe pace getting increased post 1951. The emissions of carbon dioxide reached a threateninglevel of 8000 million metric tons by the next century (Bondyrev, Davitashvili & Singh, 2015).This massive increase in the CO2 levels has in its turn contributed to the abnormal increase inthe global temperature in the last few centuries, thereby creating a greenhouse like effect on theenvironment of the earth (O'Neill et al., 2012). The direct relationship between the increase in thelevels of CO2 in the atmosphere and the increase in the global temperature can be seen from thefollowing figure:

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