Economics can help create a more sustainable future from "summary" of Economics of the Environment by Robert N. Stavins
The field of economics can play a crucial role in shaping a sustainable future for our planet. By applying economic principles and tools, we can better understand the complex interactions between human activities and the environment. This understanding allows us to develop policies and strategies that promote both economic growth and environmental protection.
One key concept in achieving sustainability is the idea of internalizing externalities. Externalities are the costs or benefits that are not reflected in the price of goods and services. For example, when a factory pollutes a river, the costs of cleaning up the pollution are borne by society as a whole, not by the factory itself. By internalizing these externalities through policies such as pollution taxes or cap-and-trade systems, we can...
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