While serving as Chief Economist for the World Bank, the Neoclassical Economist, Lawrence Summers, argued that "the World Bank should be encouraging MORE migration of the dirty industries to the LDCs (Less Developed Countries). What was the reasoning behind his argument? The value of a human life should be based upon a person's income. Therefore, the cost of sickness and death caused by pollution would be lowest in countries with the lowest wages. LDCs have less political power to resist polluting industries. This would create employment in the LDCs, thereby raising living standards. While serving as Chief Economist for the World Bank, the Neoclassical Economist, Lawrence Summers, argued that "the World Bank should be encouraging MORE migration of the dirty industries to the LDCs (Less Developed Countries). What was the reasoning behind his argument? The value of a human life should be based upon a person's income. Therefore, the cost of sickness and death caused by pollution would be lowest in countries with the lowest wages. LDCs have less political power to resist polluting industries. This would create employment in the LDCs, thereby raising living standards.
While serving as Chief Economist for the World Bank, the Neoclassical Economist, Lawrence Summers, argued that "the World Bank should be encouraging MORE migration of the dirty industries to the LDCs (Less Developed Countries). What was the reasoning behind his argument? The value of a human life should be based upon a person's income. Therefore, the cost of sickness and death caused by pollution would be lowest in countries with the lowest wages. LDCs have less political power to resist polluting industries. This would create employment in the LDCs, thereby raising living standards. While serving as Chief Economist for the World Bank, the Neoclassical Economist, Lawrence Summers, argued that "the World Bank should be encouraging MORE migration of the dirty industries to the LDCs (Less Developed Countries). What was the reasoning behind his argument? The value of a human life should be based upon a person's income. Therefore, the cost of sickness and death caused by pollution would be lowest in countries with the lowest wages. LDCs have less political power to resist polluting industries. This would create employment in the LDCs, thereby raising living standards.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:While serving as Chief Economist for the World Bank, the
Neoclassical Economist, Lawrence Summers, argued that
"the World Bank should be encouraging MORE migration
of the dirty industries to the LDCs (Less Developed
Countries). What was the reasoning behind his
argument?
The value of a human life should be based upon a
person's income. Therefore, the cost of sickness and death
caused by pollution would be lowest in countries with the
lowest wages.
LDCs have less political power to resist polluting industries.
This would create employment in the LDCs, thereby
raising living standards.
While serving as Chief Economist for the World Bank, the Neoclassical Economist,
Lawrence Summers, argued that "the World Bank should be encouraging MORE
migration of the dirty industries to the LDCs (Less Developed Countries). What was
the reasoning behind his argument?
The value of a human life should be based upon a person's income. Therefore,
the cost of sickness and death caused by pollution would be lowest in countries
with the lowest wages.
LDCs have less political power to resist polluting industries.
This would create employment in the LDCs, thereby raising living standards.
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