David K.H. Begg, Gianluigi Vernasca-Economics-McGraw Hill Higher Education (2011)

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13.6 Environmental issues and the economics of climate change Northern hemisphere - QI o QI i.. .., u CJ) :I > - 0 Eo QI °" Q.0e - ! 0.5 .E ::0 QI i.. ... QI .a i.. .c .. &. E QI 0 -1 .0 c.: II) °" -0.5 1000 1200 Data from thermometers (red) and from tree rings, corals, ice cores and historical records (blue). 1400 1600 1800 2000 Year Figure 13.8 A brief history of global temperature Source: Intergovernmental Panel on Climate Change. The economics of climate change There is increasing evidence that global temperatures are rising. The science of climate change means that we are also likely to see greater fluctuations in climate as well. Hence, extreme events will become much more frequent. Large parts of Bangladesh may disappear under water for ever; and English villages, from Yorkshire to Cornwall, have already experienced flash flooding. Conversely, regions of the world that are currently temperate may become arid and uninhabitable. Figure 13.8 shows the dramatic change in global temperatures in recent years. The science of climate change The earth's climate is affected by many things, from solar radiation to the consequences of human behaviour. The ebb and flow of previous ice ages reminds us that human behaviour is not the only cause of climate change. Even so, there is increasing evidence that we must look to ourselves as a major cause of recent global warming. In the same period in which we experienced an increase in global temperature, there was a significant increase in global C02 emissions due to human activity. This is shown in Figure 13.9. Greenhouse gases - including carbon dioxide and methane - shield the earth from solar radiation, but also trap the heat underneath. Without them, all heat would escape and we would freeze to death. But we need just the right amount. Too much greenhouse gas and the earth overheats, causing global warming. The recent build-up of greenhouse gases reflects large emissions of carbon dioxide from households, power stations and transport. This may cause ice to melt and water to expand, causing sea levels to rise. A catastrophic eventual consequence would be melting of permafrost in Siberia, releasing such volumes of methane that a large rise in temperature would then be inevitable, perhaps threatening human survival. Carbon, a key constituent of all greenhouse gases, is a useful common denominator. Slowing, let alone reversing, global warming requires the emission of much less carbon. 325
CHAPTER 13 Welfare economics 0 u - 0 II) 4> c 0 .. c .2 - 35 000 N 30 000 25 000 20 000 15 000 10 000 5000 O rrrr=;;;;:;:;;=: ::::= Year Figure 13.9 Historical evolution of global C02 emissions, 1850-2004 Source: Marland, G. et al. (2007) Global, regional, and national C02 emissions, Trends: A Compendium of Data on Global Change, CDIAC, USA 20o/o 19------------------------------------------------------------------------------------------------- 17% l 5o/o .. c 4> I.I loo :_ l Oo/o 13% 5o/o 6% 5% ---4-o/c----------------------------------------------------------------------- 0 3% 3% 201 201 201 201 201 10 10 10 10 10 l % l % l o/o l o/o l o/o l o/o Figure 13.10 Annual greenhouse gas emissions per country, 2004 Sources: IEA (2006) C02 emissions from fossil fuel combustion; EPA (2006) Global anthropogenic non-C02 greenhouse gas emissions 1990-2020. 326
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• David Begg, Gianluigi Vernasca,
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Economics 10th Edition David Begg,
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Brief Table of Contents Preface xii
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5 Consumer choice and demand decisi
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PART FOUR Macroeconomics l 5 Introd
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PART FIVE The world economy 28 Inte
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Changes to the tenth edition After
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Guided tour In addition to illustra
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Aiding Understanding Hy the end of
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Rent ceiling in Sweden* More on pri
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13 General vs partial equilibrium:
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26 Growth and competition* Case Neo
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Cl INSTRUCTORS ... Would you like y
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Additional technology to enhance le
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Custom Publishing Solutions • cre
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Acknowledgements for the tenth edit
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Finally, special thanks to the foll
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---.. . - Introduction Economics is
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CHAPTER 1 Economics and the economy
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Learning Outcomes By the end of thi
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CHAPTER 2 Tools of economic analysi
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CHAPTER 3 Demand, supply and the ma
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4.1 The price responsiveness of dem
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4.2 Price, quantity demanded and to
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4.2 Price, quantity demanded and to
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4.4 Short run and long run simultan
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4.6 The effect of income on demand
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4.6 The effect of income on demand
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4.8 Elasticity of supply The elasti
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4.9 Who really pays the tax? S' - G
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Summary What are the effects of the
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Review questions 5 Common fallacies
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5.1 Demand by a single consumer is
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5.1 Demand by a single consumer Ill
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5.1 Demand by a single consumer QF
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5.1 Demand by a single consumer whe
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5.1 Demand by a single consumer How
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5.2 Adjustment to income changes ou
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5.3 Adjustment to price changes and
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5.3 Adjustment to price changes Thi
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5.3 Adjustment to price changes imp
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5.3 Adjustment to price changes Q '
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5.5 Complements and substitutes it
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5.6 Transfers in kind that to the s
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Review questions • The market dem
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Our theory of consumer choice assum
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APPENDIX Consumer choice with measu
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6.2 A firm's accounts A sole trader
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6.2 A firm's accounts Inventories I
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6.2 A firm's accounts Earnings When
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6.4 Corporate finance and corporate
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6.5 The firm's supply decision Tabl
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6.6 Marginal cost and marginal reve
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6. 7 Marginal cost and marginal rev
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Review questions in total cost when
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7.2 Production in the short run: di
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7.2 Production in the short run: di
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7.3 Short-run costs As you can see
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7.3 Short-run costs 60 50 SMC - 40
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7.3 Short-run costs down average co
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7.4 A firm's output decision in the
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7.6 Long-run total, marginal and av
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7. 7 Returns to scale - "O 0 DI ..
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7. 7 Returns to scale Scale economi
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7. 7 Returns to scale Table 7.10 Mi
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--1-----1 7.8 The firm's long-run o
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Summary Summary • This chapter di
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Review questions 8 Suppose that fir
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8.1 Perfect competition Perfect com
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8.2 A perfectly competitive firm's
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8.2 A perfectly competitive firm's
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8.3 Industry supply curves In the s
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8.4 Comparative statics for a compe
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.. 8.6 Profit-maximizing output for
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8.6 Profit-maximizing output for a
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8. 7 Output and price under monopol
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8. 7 Output and price under monopol
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8.8 A monopoly has no supply curve
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8.9 Monopoly and technical change f
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8.10 Natural monopoly 'ti QI 0 :I P
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Review questions • Adding at each
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9 .1 Why market structures differ D
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9 .1 Why market structures differ T
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9.3 Oligopoly and interdependence A
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9.3 Oligopoly and interdependence T
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9.4 Game theory and interdependent
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9.5 Reaction functions demand curve
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9.5 Reaction functions Deriving the
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9.5 Reaction functions Mergers and
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9.5 Reaction functions The Stackelb
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9.7 Strategic entry deterrence Inno
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9.8 Summing up Barriers at the chec
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Review questions Review questions c
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I 0.1 The firm's demand for factors
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10.2 The firm's demand for labour i
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10.3 The industry demand curve for
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10.4 The supply of labour Table 10.
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10.4 The supply of labour A reducti
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10.5 Industry labour market equilib
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10.5 Industry labour market equilib
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10.6 Transfer earnings and economic
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10. 7 Do labour markets clear? Mini
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10. 7 Do labour markets clear? How
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10.8 UK wages and employment Table
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Summary reducing demand for both fa
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Review questions In a graph with th
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APPENDIX Isoquants and the choice o
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11.2 Rentals, interest rates and as
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11.3 Saving, investment and the rea
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11. 5 The supply of capital service
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11.6 Equilibrium and adjustment in
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11.8 Land and rents supply of skill
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11.9 Income distribution in the UK
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Summary of average earnings. As liv
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Review questions the quantity of ca
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Page 314 and 315: 12.l Individual attitudes to risk S
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Page 373 and 374: CHAPTER 14 Government spending and
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Page 398 and 399: 15.2 Some facts Annual real output
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15.5 What GNP measures Table 15.4 N
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15.6 International comparisons Citi
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16. l Components of aggregate deman
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16.2 Aggregate demand S =-A + (1 -
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16.3 Equilibrium output C'I ·- c -
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16.4 Another approach: planned savi
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16. 5 A fall in aggregate demand A
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16.7 The paradox of thrift Table 16
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16.8 The role of confidence The cha
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Review questions 2 Suppose the MPC
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17 .2 Government and aggregate dema
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17.4 Deficits and the fiscal stance
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17.5 Automatic stabilizers and disc
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17 .6 The national debt and the def
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17. 7 Foreign trade and income dete
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17. 7 Foreign trade and income dete
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Summary and employment. In Figure 1
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Review questions 2 The government s
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18. 1 Money and its functions The m
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18.2 Modern banking M_o_d_er_n_ha
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18.3 How banks create money How did
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18.4 Financial crises However, ther
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18.4 Financial crises UK bank inter
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18.5 The traditional theory of mone
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18.6 UK money supply after the 2006
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18. 7 The demand for money flow and
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18. 7 The demand for money Table 18
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Review questions • Financial dere
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19.2 Traditional means of monetary
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19 .3 Lender of last resort Second,
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19.4 Equilibrium in financial marke
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19.5 Monetary control However, more
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19.5 Monetary control UK quantitati
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19. 7 The transmission mechanism AD
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19. 7 The transmission mechanism Wh
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19. 7 The transmission mechanism In
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19. 7 The transmission mechanism He
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Review questions • A higher inter
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20.2 The IS-LM model T_he_IS_-_L_
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20.2 The IS-LM model Until 2008 mon
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20.3 The IS-LM model in action Fisc
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20.4 Shocks to money demand Hence,
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20.5 The policy mix IS schedule, IS
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20.6 The effect of future taxes Que
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Summary helped explain positive UK
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Review questions IS-LM diagram, rec
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21. l Inflation and aggregate deman
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21.2 Aggregate supply demand. The A
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21.3 Equilibrium inflation AS0 AS,
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21.3 Equilibrium inflation It was c
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21.4 The labour market and wage beh
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21.6 The adjustment process The eco
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21. 7 Sluggish adjustment to shocks
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21.8 Trade-offs in monetary objecti
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21.8 Trade-offs in monetary objecti
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Review questions • In practice, w
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22. l Money and inflation rises wit
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22.2 Inflation and interest rates N
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22.3 Inflation, money and deficits
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22.4 Inflation, unemployment and ou
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22.5 The costs of inflation find th
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22.5 The costs of inflation You los
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22.6 Controlling inflation Without
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22. 7 The Monetary Policy Committee
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Summary 18 16 14 12 10 8 6 4 2 0 He
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Review questions Money growth (%) I
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23. l The labour market may simply
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23.2 Analysing unemployment The fig
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23.2 Analysing unemployment of an h
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23.3 Explaining changes in unemploy
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23.4 Cyclical fluctuations in unemp
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23.5 The cost of unemployment Count
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23.5 The cost of unemployment in th
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Review questions • Most European
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24.1 The foreign exchange market do
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24.2 Exchange rate regimes ... ii)
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24.3 The balance of payments statis
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24.4 The real exchange rate In row
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24.6 The financial account Table 24
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24.6 The financial account This sec
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24. 7 Internal and external balance
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24.8 The long-run equilibrium real
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Summary This figure is helpful in t
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25. l Fixed exchange rates So far,
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25. l Fixed exchange rates Gordon B
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25. l Fixed exchange rates A shock
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25.3 Devaluation 1 .., Devaluation
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25.3 Devaluation Table 25.1 The 196
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25.4 Floating exchange rates UK. Af
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25.5 Monetary and fiscal policy und
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25.5 Monetary and fiscal policy und
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Summary Summary • With a fixed ex
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Review questions 11 The following t
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26. 1 Economic growth Table 26.1 Re
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26.2 Growth: an overview In the lon
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26.3 Technical knowledge Learning b
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26.4 Growth and accumulation increa
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26.5 Growth through technical progr
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26.6 Growth in the OECD II : e!p ;:
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26.6 Growth in the OECD Within the
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26.6 Growth in the OECD Annual real
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26.8 The costs of growth rate g? If
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Review questions • Potential outp
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2 7 .1 Trend and cycle: statistics
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27.2 Theories of the business cycle
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27.2 Theories of the business cycle
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.. 27.2 Theories of the business cy
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27 .3 Real business cycles provides
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27.4 Towards a consensus: supply-si
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27.5 An international business cycl
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Review questions • Some swings in
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The world economy Part Five focuses
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CHAPTER 28 International trade Is t
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CHAPTER 28 International trade Tabl
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CHAPTER 28 International trade The
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CHAPTER 28 International trade Comp
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CHAPTER 28 International trade Conv
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CHAPTER 28 International trade Fanc
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CHAPTER 28 International trade The
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CHAPTER 28 International trade High
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CHAPTER 28 International trade thei
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CHAPTER 28 International trade Of c
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CHAPTER 28 International trade Conc
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CHAPTER 28 International trade SS
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CHAPTER 28 International trade 7 Wh
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CHAPTER 29 Exchange rate regimes Ta
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CHAPTER 29 Exchange rate regimes co
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CHAPTER 29 Exchange rate regimes re
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CHAPTER 29 Exchange rate regimes 0.
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CHAPTER 29 Exchange rate regimes It
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CHAPTER 29 Exchange rate regimes Ta
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CHAPTER 29 Exchange rate regimes 0
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CHAPTER 29 Exchange rate regimes th
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CHAPTER 29 Exchange rate regimes
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Activity 1.1 (a) (b) Activity 2.1 (
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Answers to activity questions Activ
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Answers to activity questions Activ
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Absolute advantage an individual, c
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Glossary Demand for money a demand
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Glossary Gross domestic product (GD
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Glossary Marginal product the margi
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Glossary Percentage change the abso
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Glossary Sole trader a business own
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A absolute advantage 11-12 internat
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Index commodity composition of trad
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Index elasticity of supply 82-4 ele
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Index happiness 594 new products 59
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Index Laffer curve supply-side econ
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Index exports 369 foreign countries
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Index reading diagrams 34-5 real bu
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Index future taxes effect 475-7 gov
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David K.H. Begg, Gianluigi Vernasca-Economics-McGraw Hill Higher Education (2011)

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