Week 12 - The Environment

Question 1

Panel on Climate Change

Answer 1

They said “global warming by the end of the 21st century will lead to severe, widespread, and irreversible impacts globally.

Question 2

Climate Change

Answer 2

Adverse impacts from human-caused change will intensify.

Question 3

Tragedy of the Commons

Answer 3

The depletion of a shared resource by individuals, acting independently according to one’s own self-interest, despite understanding that depletion of the common respurce is against the group’s long-term interest.

Ex. If I don’t grab this fish that is about to go instinct, someone else will. If nobody grabbed the fish, it would not go instinct.

Question 4

Avoiding a tragedy of the commons

Answer 4

1. Determine how much of the resource can be used sustainably
2. Agree on a limit for each user of the resource
3. Devise rules to effectively monitor and enforce the agreement (government, Intergovernmental organizations (IGOs))

Question 5

Free-Riders

Answer 5

Those that disregard the tradegy of the commons and continue to use the resource as they please.

Question 6

What makes it so difficult to establish global agreements that can effectively combat climate change?

Answer 6

• Diverse National Interests: Each nation has a different economic priority and capacity to invest in climate mitigation
  Ex. Countries that are heavily reliant on fossil fuels may resist policies aimed at eliminating their use
• Many political parties put a focus on their short-term goals instead of long-term ones. This would give them an advantage in a re-election compared to a party that focuses on long-term goals.
  Ex. This is a big reason why the Green party of Canada is frequently overlooked in elections

Question 7

What are some ways that collective action problems and negative externalities can be counteracted or overcome?

Answer 7

Collective Action Problems: when individuals acting independently fail to achieve a collective goal that would benefit all members of the group

Negative Externalities:
when an economic activity imposes a cost on a third party who is not directly involved in the activity.

To counteract collective action problems and negative externalities, several strategies can be employed:

• Government intervention - Regulations from the government to ensure individuals take action that benefits society as a whole, not just themselves
• Social Norms - We need to collectively agree on discouraging free-riding, this can be done by convincing the other party that neither of them will abuse the resource. This trust between the two parties is crucial for halting collective action problems