Briefly summarize some of the main externalities associated with electricity generation and use. Are the externalities...

Briefly summarize some of the main externalities associated with electricity generation and use. Are the externalities real, pecuniary, both?

Expert Solution

Most of the countries in today's world use fossil fuels for electricity power generation which have a harmful effect on humans, climate, crops and biodiversity which are called externalities. Generating electricity from traditional approaches such wind , water and solar energy is too expensive if we compare it with conventional ways, but it reduces pollution externalities. Traditional ways of electricity production is not possible to that extent as it wind and solar energy is periodic in nature which is not available all the time. Fossil fuel include indirect subsidy for their waste disposal as well as direct subsidy so that consumer can have it on lower price for the benefit of society. They include effect on crop yields, occupational disease, global warming is also included in it. Externalities are both real as well as pecuniary as pollution caused due to power generation directly affect environment and it benfit's society by providing electricity at low price.

Rahul Sunny answered 2 years ago

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