GEOG203 Lecture Notes - Lecture 2: Local Economic Development, Antimicrobial Resistance, Market Failure
7 Jan 2017
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Review case study material in advance: r. e how a method of green consumption can be used to mitigate climate change, read chapter 9 and watch the tedx talk (11 min), then reflect on the questions provided. Upload these draft answers or notes onto the group dropbox on learn. Consuming our way out of a problem. What are markets supposed to do: match reality, efficiently allocate goods and services, this means paying what something is actually worth. What happens when they fail: someone receives more benefits than they paid for, or someone suffers without choosing to, power (socio-economic, cultural) affects who wins and who loses. Asymmetrical information: one party has better information than the other. Public goods we share a resource, and if one person over-uses it we share the cost. Time inconsistent references: people prefer immediate responses. Market externalities = a cost or a benefit incurred by someone who didn"t choose to incur it: negative industrial farm animal production.
