Economics Essay

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In everyday’s news, public meeting, and educational classes and amongst speech of members of society; we hear the term, environment. The environment is known to be everything that surrounds us and the goods and services that it can provide. We all have some understanding and knowledge on the many different anthropogenic activities that cause damage and destruction to many of our resources and income wise within the environment. According to the Basic concepts and debates: the main four losses that are as a result of these different anthropogenic activities are: “damaged health, lower productivity, depleted natural resources, and reduced enjoyment of nature”. (E. Goffman, 2007) This is when the term environmental economics is then introduced. Environmental economics helps to deal with the different effects that these human activities have on the environment vs. the economy. By means of incorporating environmental economics we can be able to find solutions to reduce severity of damages and find the most efficient way as well as keeping cost in mind. In order to be able to reduce severity it is important to keep in mind changes that are occurring today and changes that will occur in the future. Since the economy is not stable and keeps on changing as well as the many different technology methods, ideas and anthropogenic activities that may have higher income and other different and more efficient methods for reducing pollution effects. Land, labour and capital are considered to be the three factors of production in classical economics. I agree with the statement that Ethan Goffman makes when he states that, “Freedom in commons brings ruin to all”. Most of the times we as humans make assumptions that for us may seem ethical and environmentally friendly, but while for others in our neighboring community may be affected by. When referring to freedom in commons, this means

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