I. Assignment Overview: This assignment is based on an article published in The Economists’ Voice titled ‘Global Climate Change: A Challenge to Policy’, by a Nobel laureate Kenneth J . Arrow , in...

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I. Assignment Overview: This assignment is based on an article published in The Economists’ Voice titled ‘Global Climate Change: A Challenge to Policy’, by a Nobel laureate Kenneth J . Arrow , in 2011. The article is already attached to this assignment question. Please read the article carefully before attempting this exercise. You will also need to draw on other resources available through the library as well as external resources. Please note that you need to provide clear references for your sources when citing research and data. II. Learning Objectives: This assignment is designed to encourage you to think about the application of concepts learned in this unit in a real world scenario. This assignment, indeed, is interesting as it explains the mechanism that leads to global warming and its impacts on our economy.1 1Note that the article refers to this phenomenon as global warming but in recent years, the scientific community and journalism have begun to refer to it as climate change, which is the term you may be familiar with. You may use either term, but use only one. 1 Furthermore, this assignment also addresses the challenge that we face to implement effective economic polices to reduce the magnitude of impacts of global warming. We hope that this assignment will expand the horizon of your thoughts. III. Assessment: Your score on this assignment contributes towards 40% of your final score for this unit. Your assignment will be graded on your use of appropriate economic theory and concepts; relevant diagrams and clarity of exposition and overall quality of your answers. Although you can work in group, this is not a group assignment and you must submit answers individually. IV. Submission: This assignment must be submitted electronically on CloudDeakin (CD) Dropbox area by 11:59 pm on the due date. No hard copy submission will be graded. Print your name and student ID clearly on the first page of your answers. Please check the Academic Honesty and Misconduct section in the Unit Guide. Submitting your answers automatically implies that you have read and accepted the Plagiarism and Collusion Declaration, and that the submitted answers are entirely your own work.
Answered Same DayDec 26, 2021

Answer To: I. Assignment Overview: This assignment is based on an article published in The Economists’ Voice...

David answered on Dec 26 2021
120 Votes
Global Warming
The huge mass of the environment is completed up of oxygen and nitrogen,
translucent together the observable emission approaching from the sun and the infrared
emission emit by the earth and consequently with no consequence on the balance warmth. On
the other hand, the environment also includes a substantial assortment of another gases in
little quantity. These draw gases comprise most mainly carbon dioxide, wa
ter vapour, and
methane, although there are a lot of others. These draw gases; contain the possessions of
creature see-through to emission in the able to be seen among the part of continuum but
permeable at subordinate quantities, such as infrared. For this reason, the effect of the gases is
to keep hold of the gregarious emission and so lift the high warmth for the earth to the direct
in which life can thrive. The consequence is firmly corresponding to the use of schooner in
greenhouses, also see-through to observable emission but not to infrared, for this reason, the
prevalent term, and “green house effect.” The water vapour comes through the passageway of
molecules of air in excess of the huge expanse of water in the surface of earth, mainly this
happen when the water is heater more of the air molecules. The CO2 and gasses like methane
come from some other source of source which is non biological, like volcanic eruption, but
also from the respiration of natural world and from unprocessed wastages. Fires are happen
due to volcanoes heat and mankind has lit fires for five lack years, but the speed of burning
has immensely enlarged because the Manufacturing and Industrial Revolution. As a result
over and done with Dr. Panofsky, we can be expecting the world warmth to rise progressively
as CO2 continue to build up and at an ever-increasing rate with the growth of industry. This
was not presented as a jeremiad or as controversial. Without a doubt, it was obviously being
told this to vivify the moderately parched set of facts we had to learn rather than to move us
to action. The present level of Carbon dioxide and another green house gases, in Carbon
dioxide equals to is nowadays concerning four hundred thirty parts per million (ppm), as
compare with 280 ppm before the Industrial Revolution. By means of the near and rising rate
of emissions, the stage could reach 550 ppm by 2035. This is approximately two times the
preindustrial stage and a stage that has not been reached for quite a few million years.
Reason to reduce the CO2 reduction in emission considerably than to undergo and risk
the cost of deteriorating to get together this confront:
 A increasing part of proof state that financial enlargement can go hand in hand
with hard work to decrease greenhouse gas eruptions:
The countries have tackled many ecological troubles in excess of the precedent fifty
years, and the past evidence is clear, ecological defence is well-matched with financial
growth, and ecological policy has delivered huge profit to worlds. In addition, recent
understanding at the state and nationwide levels demonstrate that well-made policies can
trim down emission while providing on the whole net public settlement, like, from side to
side enhanced population health, in addition to straight monetary profit to business and
clients.
Policies are over and over again necessary to release these opportunity, on the other
hand, because market barriers get in the way savings are if not beneficial activities. It can
be achieved a small carbon prospect by harnessing main drivers of fiscal expansion as
well as better organized use of energy and natural possessions, smart road and rail
network savings and technical modernization. These hard works to address
unadventurous water and air greenhouse gasses have over and over again relied on end of
flue or it could be end of pipe controls. Though, for the case of carbon contamination, the
solutions classically lie in better good organization in power use, fuels cleaners, new
techniques and procedure solutions that over and over again create net trade and industry
benefits. For example:
http://www.wri.org/publication/seeing-believing-creating-new-climate-economy-united-states
“With strengthen fuel financial system standards; drivers will save on standard a net
thirty four hundred dollars to five...
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