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Macro & Micro economics - Essay Example

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Technology-based water pollution-control standard might not be the most economically efficient or cost-effective way to achieve a given level of reduction in water pollution because this approach would require us to spend more. …
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Macro & Micro economics
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Macro & Micro economics

Download file to see previous pages... Technology-based water pollution-control standard might not be the most economically efficient or cost-effective way to achieve a given level of reduction in water pollution because this approach would require us to spend more. There is associated monetary amount linked to this move, and so the most important initiative that we need to take to ward our way off an insurmountable amount of expenses is to encourage the participation of everyone, because it is here where the necessary general control starts. Just like the initiative employed in Wabash Rivers, the governor recently would want the land conservation initiative, as this has potential viewed impact to preserve important natural resource and habitat (Wabash Rivers Initiative). In this initiative, there is a required participation of the majority to have consensus general impact, which means there is a necessary uniform action that everyone should implement, reducing the other relevant potential costs had it been that not everyone is participating. 2. Discuss the different point sources and nonpoint sources for water pollution. Explain why it has been more difficult to reduce the nonpoint sources. Be specific about what types of nonpoint sources are contributors to water pollution. Point source of water pollutions comes from one source such as either a factory or waste water treatment plant, but the nonpoint sources for water pollution come from the accumulation of pollutants from the day-to-day activities of individuals in the society (Point versus Non-Point Source Pollution). A specific type of nonpoint source is from driving a car. This is an activity that goes daily, and it is hard to reduce this one because transportation has become a critical point in the economic development of the society. For example, transportations have become crucial components of the moving transactions from one company to another. Transportation definitely links the trade and commerce industry in order to flourish and obtain the economic advantage they so desire to achieve. People also require transportation in order to complete any related economic activities they have to perform for the day prior to their survival and the achievement of their basic necessities in life. In other words, it is really difficult to eliminate transportation, as a nonpoint pollution source in today’s highly advanced and economically developed society. 3. In the Taking Sides articles, Milton Friedman argued that indeed profits are the only business of business. Explain what that might mean for controlling environmental pollution. Without government regulation, when would you expect firms to engage in activities that help the environment? Give specific examples. Without government regulation, firms will engage in activities that help the environment when things around them could affect their business, as essentially, Milton Friedman has the point of saying that profits are the only business of business. After all, businesses substantially exist because they want to achieve profit in the first place. This profitability may be affected when for instance the companies’ productions may be affected by the lack of raw materials that comes from the environment, as eventually the upshot of on-going pollution. A fish canning factory for instance may go bankrupt or may close business when the supply of fresh raw materials from the ocean deteriorates due to prevailing environmental pollution. Here will be the point when that canning factory will adhere to environmental sustainability and initiate moves or strategies linked to their corporate social responsibility, encouraging the society to take part of their goal to preserve the environment where they get their source of raw materials for their production. 4. Compare the ...Download file to see next pagesRead More
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