Jason Mick Chapter 5 Homework (1)

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Feb 20, 2024

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1. Name and describe two key contributions that the natural environment makes to our economies. The economy is greatly affected and influenced by the natural environment. Many of the biggest industries all rely on natural resources, such as lumber and fossil fuels. The natural environment also affects the economy as when the world is running smoothly with clean, fresh water, air, and soil, it promotes economic stimulation. 4. What are ecosystem services? Give several examples. Describe ways in which some economists have assigned monetary values to ecosystem services. Ecosystem services are any direct or indirect that improve human lives. I was unable to find any examples of economists giving monetary value to ecosystem services, besides the example provided. Within this example, it is explained how it was found due to the benefits of pollination that bees provide, it would be estimated to have a market value of .2 trillion dollars as a service. 5. Describe two of the major justifications for environmental policy. Now articulate three problems that environmental policy commonly seeks to address. Environmental policy aims to guide decision making when it comes to our environment and our plans on what to do with it/how to work with it. Many issues arise when it comes to discussing environmental policy, including different ways of dealing with issues, or problems that come with the solutions. Free riders, which is when many individuals work towards a solution, but there are some that are considered free riders that add nothing to help reduce the issue(s), which is obviously a little bit of an issue itself, but shows how solutions can still exist without needing every single human on earth to cooperate. External costs, which is when companies or people are fined due to their pollution and effects on the environment. This seems to work as they are then forced to raise prices which usually also means that it hurts demand and causes much less pollution. An issue specifically discussed in environmental policy is when individuals or companies are given no incentive for caring for natural resources and the environment, and cause those communal resources to be heavily depleted. This issue is referred to as the tragedy of commons.

7. What did the National Environmental Policy Act accomplish? Briefly describe the origin and mission of the U.S. Environmental Protection Agency. The National Environmental Policy Act (NEPA) created an agency called the council on environmental quality, which was created to make sure that any federal body that may take an action that will impact the environment is required to create an environmental impact statement before approval. The US Environmental Protection Agency (EPA) was given the job to monitor, research, and educate the public and federal- or state level government- bodies to assist in the effort to keep our environment healthy and thriving, or at the very least, not polluted. 9. Explain how each of the following works: a green tax, a subsidy, and an emissions trading system. A green tax is a tax placed on products, or even activities, that harm the environment. The tax is used to combat the harm these products and activities that have negatively impacted the environment. A subsidy is when the government gives money or resources to activities that will promote and support a specific industry. Emission permits are when the government gives a permit to an industry or company to allow for the emission of pollutants to a certain extent. 10. Define sustainable development. What is meant by the triple bottom line? Why is it important to pursue sustainable development? Sustainable development is when the goal is to work towards not only meeting present needs for the population, but also for future generations, and even striving to make sure the environment is better for those future generations. It is extremely important to pursue sustainable development not only for our current lives, as using unsustainable resources and practices can hurt our current lives, as much as it may seem easier, but it is important to make sure that the quality of life for future generations goes up, not down.

1. Do you think that a steady-state economy is a practical alternative to our current approach that prioritizes economic growth? Why or why not? I believe that a steady state economy would be extremely practical and helpful for people as it promotes well being for everyone no matter their class or money. This possibility helps to make sure that industries aren’t incentivized by money to continue to pollute the environment. 2. Do you think we should attempt to quantify and assign market values to ecosystem services? Why or why not? What consequences might this have? To assign a market value to ecosystem services is, in my opinion, far from a good idea. When assigning a value to something naturally occurring in nature, it means now that people will likely have to pay much more for that product or service that is provided. Currently, clean water has a market value, as everyone has to pay for water within their homes. While it is a good thing to clean water for all people, this numerical value makes water a product, instead of something every creature needs to survive. Water is now seen as a commodity, and if you happen to live in a state, city, or county that doesn’t care about water health unless you live in an extremely nice area, it makes it extremely hard to live. Some people nowadays have to find alternative ways to shower or bathe, and must spend unnecessary money to make sure they don’t die from dehydration.Not only does it make it hard for people to access, but the quality of water purification and filtration is directly related to how much money you have as an individual. This is what happens when numerical market values are assigned to ecosystem services.

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