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Arguably one of the most oft debated topics in recent years, the effects of global warming pose a threat to the world economy. Growth in the economy can spur changes in climate that have the ability to prove both beneficial and impeding to economic prosperity. An understanding of economic principals can provide insight onto the costs that are incurred with growth of industry and the methods that can be implemented to cede further negative effects.
Global warming, by definition, is an increase in the temperature of the Earth’s atmosphere and oceans. With the rise in modern technology, the average temperature of the Earth’s surface has increased about 1.4 °F; two-thirds of which has arisen since the early 1980’s. Industrialized countries are major contributors to climate change, due in part to their involvement in deforestation and the burning of fossil fuels. These activities lead to an increase in levels of greenhouse gases, which scientists propose is the number one cause of global warming.
The greenhouse effect is an example of external forcing: any process that has influence …
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