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Economics Portfolio

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Introduction

Economics Portfolio 1 The article states that the recent UN emissions report shows that the emissions has been reduced by a much lower percentage in 2006 than in 2005 whilst the emission rate has increase by 2.5 % since 2000. This is due to a number of reasons the first of which is the lack of commitment that countries have toward reducing their emissions. This data that is presented is collected from industrialized and developing countries. This shows us that economic hardship could be due to the fact that economic hardship has contributed to the lack of commitment to reduce emissions. However economic hardship is not the only factor contributing to the lack of emissions reduction. ...read more.

Middle

and of course the fact that gases like carbon monoxide can have negative health effects on the lungs. A negative externality is simply an externality that creates more social costs than social benefits. By this we mean that society has to pay more for it (e.g health costs) than the benefits that they receive (faster commute etc). Below is a graph showing negative externalities: The y axis represents price whilst the x-axis represents the quantity of emissions or oil produced. This means that when the quantity of the emissions/oil is increased, the MSC (marginal social costs) becomes larger than the MSB(marginal social benefit) thus created a surplus of cost which becomes the negative externality. ...read more.

Conclusion

" Yvo De Boer is the current Secretary of the United Nations Framework Convention on Climate Change and he stated above that rather than reducing the current economic situation of the country we must creates policies instead. For example, rather than applying protectionist measures against the trade of oil from the developing countries, which will make oil export from the country very difficult and thus reduce amount of capital coming from the oil the UN must create some kind of policy whereby the education system in the country teaches about the negative effects of overusing such heavy gas emitting substances like fossil fuels. The UN could also provide grants or loans to countries in an attempt to allow the country to wean off their dependence on oil by researching alternative sources of energy. ...read more.

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