Expert answer:the importance of climate change as a global envir

Expert answer:The required paper, from 4 to 5 pages (double-spaced including diagrams), should present the student’s understanding of the most important current environmental issue, climate change. The paper might begin with a short description of the student’s understanding of the importance of climate change as a global environmental threat. A second section might describe the policies that would mitigate this threat, e. g., command-and-control regulation, taxation of carbon energy sources and marketable permits for emissions. The final and most important section should use the economic tools gained during the course to analyze which of these policies offers the best chance of reducing the effects of climate change at minimal cost. Students also might comment on the climate change policies of the Trump Administration.
econ_335_001_paper.outline.sample.doc

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SAMPLE OUTLINE: CLIMATE CHANGE PAPER
EXECUTIVE SUMMARY
Definition of climate change, i.e., anthropogenic changes in the
atmosphere linked to steadily rising temperatures world-wide
Distinction between global warming (steady rise in average
temperatures across the world since 1850) and climate change
(the environmental impacts of these higher temperatures, e.g.,
increase in extreme weather events, rising sea levels, etc.)
Identification of key economic issues associated with climate
change, namely higher emissions of global warming gases associated
with industrial development and the external costs of extreme
weather events, lower agricultural fertility and sea level rise
Review of policy solutions: regulation of energy use, taxes on
carbon-based fuels, and marketable permits for global-warming
gas emissions
Political considerations in attacking climate change
-Democratic versus Republican positions
-Developed versus developing country positions
Personal thoughts
CLIMATE CHANGE OVERVIEW
The Earth’s climate system and the science of global warming [see
especially Incropera’s second chapter “The Earth’s Climate System”
and his Figures 2.2 and 2.3]
-Atmospheric composition
-Earth’s absorption of the sun’s radiation and radiation of a
portion of that heat back into space
Listing of global-warming gases (carbon dioxide, water vapor,
methane, nitrous oxide and chlorofluorocarbons)
Trends in global-warming gas concentrations
Consideration of the global temperature record [see Incropera’s
fourth chapter “Global Warming”]
-Complications in measuring global temperatures (instrument
records versus the analysis of ice cores)
-Temperature trends since 1880 (Figure 4.1)
-Temperature trends since 1000 (Figure 4.2 and the “hockey stick”)
Arguments of climate change skeptics
-Natural variability in the temperature record (e.g., little Ice
Age in 16th century and medieval warming in the 11th century and
the recent stable temperature record from 2000 to 2010)
-Refutation of these criticism (e.g., small variations in the 11th
and 16th century relative to our more recent warming and explanations for ten years of stability at the start of the century, such
as a reduction in sunspots and increased storage of heat in the
deep oceans)
Course Syllabus. © Copyrights. IGlobal University. 2014. All Rights reserved. Rev. 12/29/2014
Page 1
CLIMATE CHANGE IMPACTS [Incropera, Chapter 5 “Consequences of Global
Warming” now on Blackboard]
Sea levels
Extreme weather events
Agriculture
Species diversity
CLIMATE CHANGE AS AN EXTERNALITY
Definition of an externality
How the use of energy and climate change fits this definition
Estimates of the external costs of climate change
SOLUTIONS AND ECONOMIC ANALYSIS [Tietenberg & Lewis, Chapter 14]
Traditional solutions to externalities
-Regulation
-Corrective or Pigouvian taxes (carbon taxes)
-Marketable permits
Evaluation of solutions
-Regulation is almost always inefficient and costly
-Both carbon taxes and marketable permits can achieve an efficient
result but each faces political obstacles
-Voters and businesses dislike paying taxes and facing higher costs
-Marketable permits can be manipulated by business interests to
their own advantage
PERSONAL THOUGHTS [What follows is simply the instructor’s own
opinion and students do NOT have to accept them]
Regulation, i.e., command-and-control policies should not be
considered due to its inefficiency and high costs
The choice between carbon taxes and marketable permits rests on
which is likely to be more politically expedient
One noted environmental economist, William Nordhaus of Yale
University, believes a world-wide carbon tax is best
-nations who did not participate in the system would be punished
through taxes on their exports
-Nordhaus believes the magnitude of the climate change threat
would convince all nations to participate but clearly recent events
in the U. S. belie that rather naïve assessment
Course Syllabus. © Copyrights. IGlobal University. 2014. All Rights reserved. Rev. 12/29/2014
Page 2
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