11:375:101 Lecture 3: Environmental Economics
30 Jan 2019
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Document Summary
There are already issues in 2018 germany about the new technology. Of the electricity comes from renewable energy. The hope in reduction of emissions has not decreased in kind. Lot of pressure to if this should keep going or not. Political pressure is increasing to make changes to move away from this energy policy. It is the production, distribution, and consumption of goods and services. Subsistence: people meet most of their needs directly from nature. Inquiry into the wealth of nations- 1776. Invisible hand promotes the good of society. Pursuing your own self-interest is healthy for society. Not everything we need can be solved by a supply and demand model. Natural capital is resources provided by the earth"s natural processes. Human capital is people"s physical and mental talents. Raw materials like metals (nonrenewable) used to make the car. Human capital like designing, engineering, computing, assembly lines etc. We are a free market but not really completely free.
