Contact Us
Sign In / Sign Up for FREE
Go to advanced search...

The Economics of Welfare: ETS and CT - Essay Example

Comments (0) Cite this document
The essay “The Economics of Welfare: ETS and CT’ evaluates the Environmental trading schemes and carbon taxes, which advocated and reinvigorated as the economics of welfare is not really the initial global response given to climatic changes. These approaches are consistent with the ninety-seven years old…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER98.6% of users find it useful
The Economics of Welfare: ETS and CT
Read Text Preview

Extract of sample "The Economics of Welfare: ETS and CT"

This is also optimum regard to the overt reality that resources which emanate from nature has always been economically considered as scarce. Despite scarcity, its level has become critical because of uncontrolled gas inputs. Garnaut in 2008 reiterated the call in Australia for the need for a global policy to mitigate climate change caused by greenhouse gas. It was espoused through the Emissions Trading Scheme and Carbon Taxes.
Practically, the Emissions Trading Scheme and Carbon Taxes are the two well-thought-of policy approaches in Australia designed to control and mitigate activities that subsequently evolved damaging gases to the environment. However, much as the ultimate objectives of the two models are similar, virtually, business entities like a major Australian Corporation would opt for ETS. This is more direct control over emission levels of dangerous greenhouse gases. It is because while market flexibility is allowed (Garnaut 2008), trading which is the essence of every economy is basically left alone to settle at any level driving efficiency in the market. It would also be best remembered here that the once globally known economist Allan Greenspan commented in early 2008 that in trade, an efficient market is a flexibility driven (Greenspan 2008).
On the other hand, w...
In the final analysis, it is only the business or corporate entity that benefits from emission taxes, while consumers may dwindle in number because of limiting prices brought about by the ad-on.
Some countries though, choose to implement a policy on emission taxes and succeeded in maintaining some highly industrialized areas fit for normal living. But, it can be read online that the burden of taxes to many nationalities have sunk to the inevitable level where consumer's purchasing powers have so deteriorated to such an extent that the scale of poverty sharply increased even in highly industrialized countries. So, in their particular stead supply of the necessities in life may become abundant but the demand for it is close to nil because people do not have the purchasing abilities. Carbon taxation then could not simply support the economics of welfare in this manner.
Conventionally, it is becoming a global trend to allow more market flexibility, and let the natural law of supply and demand rule about an efficient market. Despite the ease in implementation of a simple carbon tax (Garnaut 2008), the conglomerate of business and trade tycoons that hugely influence Australian economy are more inclined to ETS just like in the US and in Japan because as Greenspan (2008) said: "much of the financial system's risk-valuation models failed, not because they were too complex but because they were too simple to capture the full array of governing variables that drive global economic reality". Read More
Cite this document
  • APA
  • MLA
(The Economics of Welfare: ETS and CT Essay Example | Topics and Well Written Essays - 500 words, n.d.)
The Economics of Welfare: ETS and CT Essay Example | Topics and Well Written Essays - 500 words. Retrieved from
(The Economics of Welfare: ETS and CT Essay Example | Topics and Well Written Essays - 500 Words)
The Economics of Welfare: ETS and CT Essay Example | Topics and Well Written Essays - 500 Words.
“The Economics of Welfare: ETS and CT Essay Example | Topics and Well Written Essays - 500 Words”.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF The Economics of Welfare: ETS and CT

CT Scanning

The paper tells that CT scan stands for computed topography which is an x-ray test that is used to produce cross sectional images of the different parts of the body using an x ray and a computer. This allows the doctor to take an inside look into the different areas of the body and study them as to what problem is going on and then diagnose it for the patients. CT scan is used to evaluate the brain, neck, spine, chest, abdomen, pelvis etc. The CT scanning technique has made it relatively easy for doctors to diagnose and treat the patients and also is safe and well tolerated. A CT scan provides a very different view of the body than an x ray. The major difference lies in it giving a cross sectional image of the body which allows t...
5 Pages (1250 words) Research Paper

Pulmonary embolism CT scan case

... pulmonary angiography. It is also widely available. A major advantage of CT angiography is that it is useful in providing additional information for evaluation of alternate diagnosis (Roggenland et al, 2008). Both acute and chronic pulmonary embolism cause complete and partial intraluminal filling defects. The defects have sharp interface with the intravascular contrast material. In complete arterial occlusion due to acute pulmonary embolism, the artery that is affected may be enlarged. Partially filling defects that manifest in acute embolism are often centrally located. However, when eccentrically located, they form angles typically with the walls of the vessel. In chronic pulmonary embolism, complete occlusion of the disease in vessels...
10 Pages (2500 words) Dissertation

First Fundamental Theorem of Welfare Economics

...?First Fundamental Theorem of Welfare Economics The first fundamental theorem of welfare economics is simply a re ment of Adam Smith’s theory in economics. Adam Smith’s “invisible hand” theory postulates that in competitive markets, there is finally efficient allocation of resources and the first fundamental theory states that relates competitive equilibrium in the market and Pareto optimality. The theorem states that “If the local non-satiation condition for consumers is satisfied and [(x0i), (y0j), (Ф)] is a competitive equilibrium, then the allocation [(x0i), (y0j)] is Pareto optimal.” Before the proof is done, three conditions have to be defined, the first condition being that an allocation of resources is feasible, and the second...
4 Pages (1000 words) Essay

MRI and CT stroke

... CT to be carried out (Wintermark et al., 2002). This requires the patient to be exposed to radiation, and there is an additional risk of allergic reaction due to the contrasting agent required (Miller, 2004). Magnetic resonance imaging (MRI) Diffusion-weighted imaging (DWI), gradient echo imaging (GRE), magnetic resonance angiography (MRA) and perfusion-weighted imaging (PWI) are some of the main MRI-based techniques for brain imaging (Kidwell and Hsia, 2006). There has been extensive use of MRI in the diagnosis of a variety of conditions associated with the CNS. This adds the questions of whether MRI could be used, and how effective it would be, on an acute stroke (Australian Institutes of Health and Welfare, 2006). There have also been...
12 Pages (3000 words) Dissertation

Routine CT scanning protocols

... to 100 during CTA for PE improves visualization of sub segmental arteries (Kubo et al 2008). A study by Hausleiter et al 2006, showed that in a 64-slice CT cardiac procedure, a 100 kV protocol used instead of a 120 kV protocol along with an ECG gated technique, resulted in a 64% reduction in the effective dose. In liver imaging, 120 kVp is suitable and usually preferred than 140 kVp in order to reduce patient dose. Although it is said that that by reducing the kVp the image noise increases, the process leads to the improvement of tissue contrast (Laghi 2007). Kim et al 2009, in their study, aimed to assess the effect on image quality and radiation dose with low-kilovoltage protocols by chest multidetector computed...
13 Pages (3250 words) Essay

Assignment 5 Economics: Taxation, Welfare, and International

...5 Keynesian Solutions to Aggregate Demand and Limitations of Keynesian Economic Policies Keynes was not an opponent of capitalism. In fact, Keyneswas an opponent of socialism, and Keynesian economic theory offered solutions that could help capitalist economies stabilize their economies and recover from depression conditions. In terms of Keynesian economics, a depression is a state where there is not enough spending by businesses and individuals on newly produced goods and services, meaning that there is a deficiency is aggregate demand. Keynes asserted that depression conditions could be corrected by third party spending, such as government spending of tax or borrowed money (Yates, 2003, p. 135-136). Because the theory was developed...
6 Pages (1500 words) Coursework

CT scanner justification

... The demand for computerized tomography is on the rise now than ever. The current level of technology isa limitation to the provision of the service especially to the children. This is because small children have to be sedated before the diagnosis can be carried out. Other than the enormous cost of sedation to the children, the current scanners, may expose the children patients to unnecessary radiation which has long term consequences. The machines also consume a vast deal of energy leading to high operation costs. It is with this light that the radiology department wishes to propose the purchase of an advanced piece of equipment to facilitate the diagnosis. The Somatom Dual Definition Flash CT scanner from Siemens fits the current needs...
2 Pages (500 words) Essay

The Impact of Welfare on the Country Economics

...Although the First World War lasted for mere four years, yet its repercussions were felt for a much longer period of time. In true sense, it changed the overall outlook of the world for times ahead. The impact of the world war one was political, economical, social, psychological and futurist as well. It changed allies into rivals and invited the nations into war offensives that had long kept themselves away from the battle fronts. The League of Nations that was established at the end of First World War was a unique entity, yet it was flawed on many accounts. It is being often debated that it was the failure and weakness of the League that led to the rise of the Central power as nexus and led the world into a more dangerous and deadly...
2 Pages (500 words) Essay

Computed Tomography (CT scan)

...COMPUTED TOMOGRAPHY (CT) SCAN d COMPUTED TOMOGRAPHY (CT) SCAN Computed tomography is a non-invasive diagnostic imaging technology that reveals the internal structure of a body with having to cut it open. A two dimensional imaging is generated when a body is scanned by a three dimensional machine called a CT scanner (Kalender, 2005). A revolutionary technology, computed tomography has gained popularity within a wide range of possible medical aspects like dentistry to cardiovascular monitoring. Digital geometry processing is used to provide a detailed multi-dimensional image that provides diagnostic insights with just one rotation of the axis. The last two decades have seen popularity in terms of the increase of usage and new technological...
7 Pages (1750 words) Research Paper

Labor Economics and Welfare Economics

...Labor and Welfare Economics Labor and Welfare Economics Introduction and History Welfare economics is the nonbiased research of ascribed units of welfare or utility to form models that determine developments in people’s lives focused on their personal measures (Devarajan, 2014). On the other hand, labor economics is the focus of the providers of labor in the form of employees in a given economy, the demands of these employees, and efforts to comprehend the ensuing pattern of their earnings, service, and salaries. Old welfare economics followed two key presumptions. First, one can measure utility in terms of money and is a determinant of social wellbeing. Second, utility is interpersonally similar and can be summed up (Rothbard, 2006...
5 Pages (1250 words) Research Paper

Welfare to Work and Social Policy: Comparative Study of Various Nations' Approaches

The social policy varies differently by the needs of individual nations and can include assistance to youth unemployment in an attempt to provide temporary aid until an individual is able to sustain a regular income through work incentives. One of the main theories regarding welfare to work programs is that working parents contribute to the economy and are less likely to rely solely on the state for their welfare (Walling, 2005). With this concept being one of the primary motivators for welfare to work policies, different nations adopt a policy to provide an allotment of skills training, aid with transportation issues, financial support, and even child care as an incentive to drive the welfare recipient back into full-time work. T...
9 Pages (2250 words) Report

International Business Economics

According to Adam Smith, the absolute advantage would be realised as long as the cost of production differed from between countries, one or both countries would gain by trading. An example to illustrate this is a situation where we have two countries A and B which produce two similar goods X and Y. The figures show labour cost in hours for producing one unit of a good

David Ricardo formulated the theory of comparative advantage and argued that even if one country is more productive in both lines of production it would be still profitable to trade. Country A is more productive in both lines of production but it will still be profitable to trade with country B, this is shown by first stating that country A is more advanta...
6 Pages (1500 words) Assignment

Business Economics: Small and Medium

The entry of small firms into the global markets has proven to be the main aspect of the creation of economies of scale. Markets are fast evolving to the needs of varied tastes and customer preferences, so necessary knowledge and technology asset has a major role to play for small firms to rise and to match up to the situation. However, small firms are characterized by “smallness of the market share (a large number of similar-sized firms) and hence lack of individual market power, corresponding to the theoretical concept of Pure Competition.” (Waite 1973. P. 154).

They need to overcome the handicap of smallness by strategic alliances and mergers with larger or technically more competent entities. Small firms...
10 Pages (2500 words) Assignment

Issues in Applied Economics

A major issue then, becomes the convincing obligation by the polity not to abuse its force. Because institutions are planned by people with different bargaining powers and not for sake of effectiveness, some models may be less competent than others and due to path dependency, may continue for a long time, resulting in sluggish economy. The shortage of realistic commitment by the state not to suitable property human rights accounts for the incompetent institutions that have developed in different countries. To humor, such situation provides disincentives to investment in socially profitable enterprises, and generates groups with vested interests in preserving the status quo constraints.

Institutions present the fundament...
6 Pages (1500 words) Term Paper

Economics or Ethics

Several CEOs in America have in coalition with top managers deviated from the norms of corporate governance and caused immeasurable woes to the stakeholders. Using their power and ego they chased the wealth for personal gains without any concern for the shareholders or other stakeholders of the company. Enron, the world’s largest energy trader at one time, had to file bankruptcy under Chapter 11 when about 5000 workers lost their job (Bhattacharya, 2004). Arthur Anderson, one of the big five auditing firms was charged to have colluded with the management to misappropriate funds and project a picture different from the reality. Income was inflated and then all concerned papers were destroyed. The leadership at Enron was conce...
6 Pages (1500 words) Assignment

Managerial Economics and Business Environment

Once the above said subject matter is clearly sorted out, the next emphasis would be on the concepts like the opportunity costing, incremental principle, marginal principle, discounting principle, the principle of time perspective, and calculation of economic profit as the guidelines to the scope of managerial economics. (Surender. V, 2008).
To start with, we consider a firm for which different processes have to be carried to achieve its objectives of profit maximization (assuming that all the organizations work with the view to maximize profits). If firms from different sectors are identified simultaneously, then the working of the economy as a whole could also be analyzed which in turn is useful in the decision-making proce...
15 Pages (3750 words) Assignment

Gross Domestic Product and the Nations Competency in Terms of Economic Welfare

It is often used to compare the economic performance to aid as a prediction tool and to analyze the business cycles and the recessive and expansive economic performances within them. This further aid economic and fiscal policy formulation of the government and is also used to analyze the consumer behavior and the economic phenomena involved. (Heakal, R. 2008).These figures can be a benchmark to compare economies of different nations and the economic prediction process is also made possible.

A usual pattern of assessing the Gross Domestic Product is to have an initial GDP report on every quarter which is an advance report. Two corrective reports follow this before the final figures on GDP are arrived at. It usually takes...
7 Pages (1750 words) Report

Introductory Economics and Finance: Why Governments Regulate Firms and Markets

By government regulation, it is meant by the rules administered by a government or government agency to influence any economic activity which determines the price, types, and standards of products, and most importantly the conditions under which the entry and exit of the firms are possible.

Like death, it is impossible to keep away from regulation in about every aspect of daily life. The business regulation may be classified into two- economic and social (Litan). The economic regulation deals with price controls and the entry limits of the firms into markets. The second type regulation mostly deals with externalities (the outside influences of the company or firm which may or may not be decided by them)

6 Pages (1500 words) Assignment

Children Interests and Welfare

...Protecting Every Child from Harm, Abuse and Exploitation - It Matters Introduction This is an investigative treatise on children’s interests and welfare. The chosen area for the inquiry pertains to crimes, abuses and exploitations committed against children. The paper will likewise comment on the accomplishments of the so-called Every Child Matters programme in London. The issue at hand is very important because abuse, harm or exploitation felt at an early age leaves a mark of stigma and traumatic experience which can both have negative effects in a child, even transcending into adulthood. The chosen social class is the impoverished group while the selected ethnicity is that of African race origin. How Every Child Matters Started...
10 Pages (2500 words) Case Study

Comparative Review of Welfare System

In order to compare the welfare system of the three proposed countries, it is important to first develop a comparative method that would guide in comparing the three states. For the purpose of this paper, a binary comparison would be conducted. The implicit comparison would deal with Britain while the explicit comparison would explore the USA and Canada. Thereby a small N’ study would be used, that is, of three countries.
The three countries selected to share a similarity in the form that these countries are a welfare state. This is when welfare is mainly funded by the state. While the USA and Canada focus on the liberal welfare state, the welfare state of the UK is not quite defined.
The comparison of the welfare...
8 Pages (2000 words) Term Paper
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic The Economics of Welfare: ETS and CT for FREE!

Contact Us