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Chapter 7

ECON-2086EL Chapter Notes - Chapter 7: Soil Retrogression And Degradation, Green Economy

Economics / Science Èconomique
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Kyler Dusick (0326812) ECON 2086 November 13, 2017
Article Summary Chapter 7 The
Creation of Wealth and Poverty by Hassan
This chapter was written with the intent of understanding the externalities and negative
impacts it has on the environment, society, and the future. This is relative to Chapter 10 from
Introducing Microeconomic Analysis: Issues, Questions, and Competing Views which was also
written in part by Hassan Bougrine. This chapter relates here because it deals with the
neoclassical and post-Keynesian view of negative externalities, pollution, and environmental
Dr. Bougrine starts out in Chapter 7 discussing the move away from horse-drawn
carriages and animal powered tools to the methods found by way of steam and coal. However,
coal was very dirty and pollution was caused but it was used due to how efficient and effective
it was as a fuel for the industrial revolutions. Pollution was ignored as the societies were hungry
for energy and coal was a great source to provide it for them. Even though, we know now, that
coal is so heavily damaging to the environment it causes deaths of humans, animals, and plant
life. As well as droughts, soil degradation, floods, and so on that can lead to famines.
It is a general consensus amongst scientists that something must be done to limit and
eliminate the damage caused by burning fossil fuels and emissions into the Earth that has created
great environmental damage. It is suggested in this chapter that R&D is a great position to start
on and hope that it creates innovation to avoid further pollution. This switch would, as Dr.
Bougrine states, bring us to the “green” economy.
It is mentioned how we, as a society, have done more damage to the earth and the
ecosystems in which is holds, in the last 300 years than ever before in the 4.5 billion years it has
been around. Industrial Revolutions have given us a lot but have taken a toll on the Earth at the
same time. Now that we have advanced, we must become more efficient and ecologically
friendly. Due to the large shift in industrialization, the cities have grown, populations have
grown, and we continue to provide for an even larger base of human life.
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