Governments around the world are grappling with what to do about climate change. Describe some of the economic impacts if the trend towards global warming continues, and nothing is done.In order to re

Hints on written report

2200 words (excluding charts/tables)

Sem. 2 2016

In order to attain the best marks for this assignment adhere to the following requirements:

1. Briefly describe the meaning of externalities, specifically negative externalities and internalising the externality

2. Consider drawing a graph depicting Social cost vs. Private cost

3. There are many different policies aimed at reducing global warming, focus on just Command & Control (regulation) and Market based systems i.e. Carbon tax, Emission Trading Scheme or Cap and Trade system

4. Make sure that for each type of policy you clearly spell out the pros and cons

5. On balance, taking into consideration of the pros and cons noted above, decide which policy would be better in achieving a lower level of GHG emissions and why?

6. References, references, references

7. Note: Carbon Dioxide is not the only gas that contributes to global warming.