The Economics Of Climate Change

1400 WordsJul 1, 20166 Pages
The Economics of Climate Change The world economy is a very complex system; in the system harmful externalities disrupt capital flows and determine economic productivity. Most notable of these externalities is inadvertent global warming. Spending towards research and regulation of climate change at both the national and international level are very important in determining current and future business trends. Economists and scientists worldwide continuously debate the pros and cons of emissions reduction and what consequences can quickly follow. Though many have different views on the issue, all can agree that the immediate and long term effects of climate change have become an economic matter of paramount importance. The sweeping impact from climate change will have important fiscal, financial, and macroeconomic ramifications that influence global commerce standards. “In the absence of concerted action by the world’s governments, anthropogenic greenhouse gas emissions will cause global temperatures to increase between 3 and 8 degrees Fahrenheit over the next century” (Ranson 2). Gradually, this rise in temperature causes changing precipitation patterns, rising sea levels, and a decrease in snow cover that enables a broad range of climatic shifts to take place. Considering such sudden environmental decay, there is a very limited time frame to gather scientific data that shape public and foreign policy. Therefore, when monetarily analyzing climate change it is important to
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