Does climate change pose any unique ethical questions that one does Essay

Does climate change pose any unique ethical questions that one does not find in other cases of environmental justice, for example when a factory pollutes a nearby neighbourhood - Essay Example If it requires more, it may purchase credits from companies who need less, providing it doesn’t exceed the ‘strict and enforceable emissions cap.’1 Morgenstern demonstrates how this cap has been successful in reducing CFCs and SO2. If a factory unintentionally pollutes a neighbourhood, the factory would legally be responsible for making repairs and paying compensation. A well-known example (made famous by the Erin Brockovich film2) is the Pacific Gas and Electric Company, which contaminated the water in Hinkley in 1993. In a BBC interview Dr Mayer Hillman from the Policy Studies Institute author of the book How We Can Save the Planet, and Dr James Woudhuysen from De Montford University, debate the possibility of Personal Carbon Rationing, whereby UK citizens are given annual carbon allowances, and each time they use electric, fly, or fill a car with petrol this is deducted from their allowance. In a similar manner to factory permits, if people require additional allowance, they need to purchase a top-up. Hillman’s idea for Personal Carbon Rating is not new, but Morgenstern suggests it,‘failed to gain more than rhetorical support in the last Administration.’3 Hillman is keen to stress that it’s fair, with people, ‘having equal shares.’4 The female presenter raises the unique ethical question when she asks: ‘do we each have a personal responsibility?’5 Dr Woodhuysen, thinks that we are not individually responsible, and points out that some people w ill ‘feel guilty,’ others may ‘feel good’ and suggests this promotes a culture of ‘finger waging and moralizing about everyday behaviour,’6 which he thinks is ethically unfair. Peter Singer in an interview with The Guardian is asked what is your biggest guilty green secret?’ and he responds that because of his work and family he flies a lot and states: ‘I know I can offset the flying in various ways,

Analysis of The Neo Classical Theory of Economics Research Paper

Analysis of The Neo Classical Theory of Economics - Research Paper Example The Neoclassical theory of economics introduced the concept of maximizing profits or utility as the base cause for the rational decisions made by man. The economic man acts rationally so as to maximize the gains out of the action. In the case of individuals, the utility of the product decides on the price and the market value of the product. In the case of the companies, it is the profitability of the company that would be the deciding factor. Another leading concept behind the neo-classical theory is that it also accepted the fact that the individuals will act independently and their perception of what is profitable to them might vary. William Stanley Jevons (1871) in his seminal work, The Theory of Political Economy says, 'Given, a certain population, with certain needs and powers of production, in possession of certain lands and other sources of material: required, the mode of employing their labour which will maximize the utility of their produce.' The neo-classical was influenced by the thoughts of a number of economists of the twentieth century and the behavioral economics was adopted by the majority in lieu of the neo-classical. A modified version of this is termed the new classical economic theory and most of the current day work on economics is based on these principles. The new classical theory takes into consideration various factors that make up the economic decision making of the individuals (Emma Dawnay & Hetan Shah Jul 2005). It takes into account the behavior and choice of people based on various reasons not necessarily controlled by the sense of maximizing their utility or their value or their returns. Statement and its implications The statement brings to the forefront of the seven basic principles that differentiate the new classic economic theory from the neoclassical one. However, this theory accepts the fact that economics is one of choice and preference. The logic of preference or economic decisions is controlled by the market prices, the return to the person or the company is going to get out of it and finally the allocation of resources. Apart from these, the decisions are made based on a number of factors that are more behavior oriented rather than economics directed. Information flow in the market place affects the market price and creates a trend in the market. Information in today's world also has an impact on the economic behavior of nations. Behavior and psychology of a person have an effect on the decisions that are made by him.