Question

How is sustainable long run economic growth effected by scarcity of natural resources and environmental degradation?

How will climate change effect long run economic growth in the U.S.? How will climate change effect long run economic growth in other countries and regions of the world?

What policies do you recommend to address the effects of climate change and ensure long run economic growth?

Answer 1

Sustainable long-run financial development will be impacted negatively if the limited resources are used in such a way that it could be tough to renew those resources for the requirements of future generations. If the rate of environmental deterioration is more than the carrying capacity, then sustainable advancement will not be possible in the long run.

Among the significant signs of environmental change is an increase in temperature level. If there is no policy changes the boost in the temperature will reduce the GDP in the long run. An increase in temperature will raise the sea level and damages the infrastructure. Heavy rainfall will in some cases create a flood-like situation and will negatively affect agricultural production. All these adversely affect long-run financial development.

The various nations are impacted by environmental changes in different ways. In those countries where currently there are different sorts of existing tension or problems that display low adaptive capacity. So it finds it to be really tough for those countries to get adapted to the changing environmental conditions.

In countries where there is high population growth, environmental modification generates a shortage of resources. It will likewise negatively impact farming production consequently giving rise to food insecurity. It will negatively impact the natural communities of various regions. The plants and fauna will degrade as a result of climate change.

In order to make sure long-run sustainable growth the policies must be framed in such a way that more emphasis is given on tidy energy and increasing energy effectiveness. There need to be some means to decrease greenhouse gas emissions. This can be made possible to a certain degree by reducing or getting rid of the subsidies on fossil fuels. These steps will eventually make sure of long-run financial growth.