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Economics: Principles, Models and Policies

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Added on  2021-06-18

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ECONOMICS ASSIGNMENT ECONOMICS ASSIGNMENT ECONOMICS ASSIGNMENT 1 1 Economics: Principles, Models and Policies Name of the student: Author note Introduction: 2 Global warming trend and its implication on the livelihood: 3 Economic impact of the climate change: 5 Environmental policies to curtail the global warming: 7 Comparative analysis of regulation and market based approach for global warming: 8 Conclusion: 9 Reference: 10 Introduction: Global warming is one of the debateable issue which is under

Economics: Principles, Models and Policies

   Added on 2021-06-18

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Running head: ECONOMICS ASSIGNMENTEconomics: Principles, Models and PoliciesName of the student:Name of the University:Author note
Economics: Principles, Models and Policies_1
ECONOMICS ASSIGNMENT1Table of ContentsIntroduction:...............................................................................................................................2Global warming trend and its implication on the livelihood:....................................................3Economic impact of the climate change:...................................................................................5Environmental policies to curtail the global warming:..............................................................7Comparative analysis of regulation and market based approach for global warming:..............8Conclusion:................................................................................................................................9Reference:................................................................................................................................10
Economics: Principles, Models and Policies_2
ECONOMICS ASSIGNMENT2Introduction:Global warming is one of the debateable issue which is under rigorous analysis since last fewdecades. With rise in the level of carbon emission and other greenhouse gases reflected heatfrom the earth’s surface is being trapped in the air which is raising the global temperaturecausing catastrophic effect on the various economic factors as well as possessing threat to theliving hood of the planet earth (Chauhan et al. 2014). Global warming is not only enhancingthe externality to the human being, rather from the broader perspective it can be seen that thewhole living organism is being harmed through the rise in the global warming. Globalwarming has the ability to enhance the overall all global temperature and while doing so itwill enhance sea level leading to lack of the habitable land in near future (Change 2018).With the ever increasing level of global warming has been affecting the various economyaround the world too. It can be seen that the various economies around the world has beenfacing reduced production compared to the forecasted level and rise in temperature isaccounted as one of the main reason for this. Under this context, it has become crucial for theresearchers to analyse the global warming and its trend in order to depict what can be done soas to control and mitigate the effect of the global warming. Under this context, this report is aimed to analyse the global warming effect and itsimpact on the economy through analysing the reasons for occurrence and the trend of thesame. In addition to this the report will consider the analysis of various policies taken by thegovernment for reducing the effect of the global warming. Moving forward, this report willanalyse the effect of the command and control mechanism and market based approachutilised for controlling the global warming and then it will portray which one is best forcurtailing the externality of the global warming. To conclude the report will providesummarised overview of its findings and then it will provide the various recommendationsfor the same.
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ECONOMICS ASSIGNMENT3Global warming trend and its implication on the livelihood:Global warming is defined as the climate change that leads to rise in the averagetemperature of the earth’s climate system observed through the century scale. One of themain concern of the global warming lies within its negative externalities that gives rise in thevarious catastrophic effect on the economic performance as well as the performance of thefactors of production (Karl et al. 2015). During the last seven decades it can be observed thatthe global warming has been rising at a rapid speed, which is evolving itself day by daythrough the rise in the carbon emission. One of the major impact of the global warming is therise of the temperature around the world. According the researchers it can be seen that due torise in the greenhouse gases, reflected heat by the soil of the earth is being trapped in the airthat leads to rise in the overall temperature of the environment. With the rise in the carbonemission and other gases like methane and humidity, global warming has increased by a largeextent. As it can be seen from the figure 1, global temperature has been rising at 0.90Cannually and the rise in the temperature has been aggravated by large extent since the 1950,when the world economy started to face industrialisation (Change 2018). Over the year, therehas been rise in the global temperature that has made catastrophic effect on the ice level inthe arctic region and has allowed the production from the agricultural sector to fall from theperceived level. Thus it can be entailed that global warming has far reaching effect to thehuman life by affecting the production and sustainability capability of the earth (Vuille et al.2015).
Economics: Principles, Models and Policies_4

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