Global warming - EAS 2680
Added on 2020-03-01
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Running head: ECONOMICS ASSIGNMENTEconomics AssignmentName of the StudentName of the UniversityAuthor Note
1ECONOMICS ASSIGNMENTTable of ContentsIntroduction:....................................................................................................................................2Answer 1:.........................................................................................................................................2Answer 2:.........................................................................................................................................3Answer 3:.......................................................................................................................................10Answer 4:.......................................................................................................................................12Answer 5:.......................................................................................................................................14References......................................................................................................................................16
2ECONOMICS ASSIGNMENTIntroduction: Global warming is considered to be one of the most pertinent and bothering issue whichhas been a matter of primary concern among scientists, economists and global leaders. The termrefers to an overall increase in the average worldwide temperature, in an abnormal pace, whichhas short term as well as long term implications on the conditions of the earth as a whole, theimplications being mostly negative. Global warming, if not checked, also poses deep threats onthe mere existence of life forms on this planet as the increase in the overall levels of temperaturemay lead to wide changes in climate, demographic patterns and the life style of people all overthe world (Trenberth et al., 2014). One of the primary reasons of this phenomenon is likely to behuman influence on the global environment over the years, the dominant one being emission ofcarbon dioxide and other greenhouse gases like nitrous oxide and methane, in huge amounts overthe years and especially over the last century. The report tries to study this issue and in detailsand it tries to answer several related questions related to this issue of concern, based on an articleon Global Climate Change by Kenneth J. Arrow (Peter et al., 2013). Answer 1: The article tries to evaluate critically, the effects that are projected to occur on globalenvironment as a whole due to the inevitable global change in climate. It throws light on theongoing debate regarding the huge future costs to be borne by humanity due to global warmingand tries to recommend Carbon dioxide emission reducing measures to be implemented fromcurrent period only to avoid catastrophic damages in near of far future. According to the author,
3ECONOMICS ASSIGNMENTincrease in the global temperature is to considerable extent attributed to the presence of tracegases, namely water vapor, CO2 and methane primarily (Arrow, 2007). The emission of CO2 hasincreased drastically since the Industrial Revolution leading to greenhouse effects on earth,which in turn is increasing the average global temperature in abnormal pace. This may havesevere implications on global environment, like rising sea level majorly, effects on vegetationsand agriculture (not all negative) and others. The article tries to calculate the costs and benefitsof inducing restrictive measures on CO2 emissions on the global economy (Proops, Faber &Wagenhals, 2012). Answer 2: In his article, Arrow tries to suggest that it is better to take measures to reduce emissionof carbon dioxide and other greenhouse gases as much as possible from current period in order toavoid the catastrophe that can occur because of uncontrolled greenhouse gases emission, in nearas well as not so near future (Arrow, 2007). There are several highly valid reasons behind hissuggestions, which are elaborated in the discussion below. One of the dominant causes of global warming has been unanimously considered to bethe emission of the greenhouses, both naturally as well as manually, over the years. Thesegreenhouse gases are adding bulk in the share of trace gases present in the atmosphere of theearth. The trace gases have the inherent and unique property of being transparent to radiations athigh frequencies but absorbing radiations if emitted in low frequencies, like that of infrared(Seinfeld & Pandis, 2016). This absorbed radiations in the trace gases, contributes substantiallyin increasing the global temperature levels. One of the primary components of these trace gases
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