Question

Analyze the much-debated issue of global warming using economic principles. What role can the government play in reducing the emission of greenhouse gases? What role can individuals play? If you were the economic advisor in the government, what economic measures would you suggest to tackle global warming?

Answer 1

Global warming is the increase in mean temperature of earth. Global Warming is ill for world and will lead to catastrophe. Due to increase in mean temperature agricultural productivity has fallen world around. Due to fall in productivity supplies has been reduced. Reduced supply would lead to increases prices, excess demand, starvation , hunger , poverty.

Due to global Warming ice glaciers has been melting . This can result in destruction of fauna and flora. Flora and fauna is important for ecological balance. Climates world around has seen drastic changes. Climate is becoming unpredictable with uneven distribution of summers , winters and rain.

Government has to formulate policies and have to take steps to implement the policy. Policies must be devised in a way that it mustn't be a burden on citizens but citizens should feel that it is their duty to prevent emission of green house gases.

Individuals should understand that it is important to maintain ecological balance. A disturbance will create havoc on them . Individuals must ensure that reduce the usage of goods that emit GHG . Government can formulate policy but it is contribution of individuals which make policy a success.

As an advisor i will recommend

1. Government must try to establish market for emissions because without prices there is no signal for individuals how much to emit.

2. Certain Standards of equipment must be mandatory to install

3. Permit system can also be a good option .