MPE 781, Global Warming and Market Failure
Added on 2020-02-18
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Running head: ASSIGNMENT ON ECONOMICS Assignment on EconomicsName of the StudentName of the UniversityAuthor Note
1ASSIGNMENT ON ECONOMICS Table of ContentsIntroduction:....................................................................................................................................2Answer 1:.........................................................................................................................................2Answer 2:.........................................................................................................................................3Answer 4:.......................................................................................................................................10Answer 5:.......................................................................................................................................12References......................................................................................................................................15
2ASSIGNMENT ON ECONOMICS Introduction: In the recent period, one of the major issues of concern, which has been bothering theenvironmentalists, global leaders and researchers for quite some time, is the issue of globalwarming. The term “global warming” per se refers to the increase in the average temperatureacross the globe, the pace getting increased with time. The impacts of this upward trend of globaltemperature change, as is being speculated by many, are mostly negative. The impacts rangefrom short term changes and turmoil in the climatic conditions to long term changes, mostlyadverse, in demography, climatic conditions and overall way of living of the live forms,including human beings (Caney 2014, pp. 320-342). The primary reason of this phenomenon, asbeing argued by different environmentalists and scientists, is the unusual emission of greenhousegases, including carbon dioxide, over the years, much of which has been due to the humanactivities. The assignment discusses this issue, based on the article by Kenneth J. Arrow, named“Global Climate Change: A Challenge to Policy” and tries to analyze the ongoing debateregarding global warming, with the help of certain significant questions (Arrow 2007). Answer 1: The article, by Arrow, shed light on the pertinent issue of worldwide concern that is theissue o global warming. With substantial proof of the existence of global warming, there areseveral projections made by the environmental researchers, regarding the impacts of thisphenomenon on the overall condition of the earth in the coming years. There has been significantdebate regarding the nature and the magnitude of effect of this phenomenon and the cost that has
3ASSIGNMENT ON ECONOMICS to be borne by human kind and when it has to be borne. The article, with support from otherresearch findings and data, speaks in support of implementations of restrictive measures on theemission of greenhouse gases, especially carbon dioxide, to avert future catastrophe. The authorattributes much of the increase in the global mean temperature to the increase in the proportionof trace gases in the atmosphere. The article also tries show the increase in the pace of theconcerned emission, especially with the initiation of the Industrial Revolution. With the cost-benefit approach, it tries to analyze the feasibility of introducing controlling measures on CO2emission (Ring et. al. 2012, p. 401). Answer 2: Kenneth J. Arrow, in the article, strongly argues in favor of the need to implementrestrictive norms on the emission of carbon dioxide and other greenhouses gases, at a globallevel. According to him, though the implementation of such measures may lead to a trade ofpresent consumption and level of welfare and the future well being, it is utmost necessary to takethese steps in order to avoid the unpleasant consequences in near as well as not so near future(Arrow 2007). To support this argument, several valid reasons can be put forward andelaborated in the following sections: The global warming has been primarily caused by the emission of the greenhouse gaseslike nitrous oxide, methane and carbon dioxide, the last one being emitted both naturally as wellas through human activities over centuries. Together, these greenhouse gases add to thepercentage of the amount of trace gases, present in the atmosphere of the world (Hansen, Sato &Ruedy 2012, pp. E2415-E2423). The inherent property of these trace gases is that, though they
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