Year 1 Micro - Market Failure
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How do you remove five trillion pieces of plastic waste from the Pacific Ocean?

How do you remove five trillion pieces of plastic waste from the Pacific Ocean? | Year 1 Micro - Market Failure | Scoop.it
Boyan Slat's teenage dream was to remove from our oceans a vast mountain of discarded fishing nets, water bottles and other plastic garbage.
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Sugar tax is not nanny state, it's sound public policy

Sugar tax is not nanny state, it's sound public policy | Year 1 Micro - Market Failure | Scoop.it
Since Mexico introduced a 10% “tax” on sugar-sweetened beverages in 2014, global political momentum for this form of fiscal policy has been building. Societal interest and support have also grown. Taking…
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Out of the blue: World Oceans Day

Today marine matters will be splashed across global screens.
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Today marine matters will be splashed across global screens. Rightly so: the seas cover about 70% of the planet and produce more than half its oxygen. About 90% of world trade is seaborne. The theme this year is plastic pollution; one estimate is of 5.25 trillion particles, weighing nearly 270,000 tonnes. Many species suffer from it—corals especially, from ingesting microplastics (fragments less than 5mm across). And these creatures are in trouble anyway from bleaching, particularly at Australia’s Great Barrier Reef. Unusually warm ocean temperatures in recent months thanks to El Niño, a climate phenomenon in the tropical Pacific, have caused bleaching: corals expel the colourful single-celled algae they need for photosynthesis and then struggle to make the energy they need to form their skeletons. This may mean humans go hungry: more than a billion people depend upon reef species as a source of food and income.
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Requiem for the American Dream (Noam Chomsky)

This video is being provided for informational and educational purposes. No copyright infringement is intended. I do not monetize this channel, so I am no
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Interesting expose by Chomsky of one giant example of government failure.
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Five Islands Disappear As Sea Levels Rise

Five Islands Disappear As Sea Levels Rise | Year 1 Micro - Market Failure | Scoop.it
The people of the Solomon Islands have already had to adapt the changing conditions, with villages being moved due to rising seas.
Ben Christopher's insight:
Scroll down for videos explaining econ cost of global warming
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Plastic buckets found in dead sperm whale stomachs, experts claim

Plastic buckets found in dead sperm whale stomachs, experts claim | Year 1 Micro - Market Failure | Scoop.it
German experts who ordered post-mortems on 13 dead whales say that the animal's stomachs and intestines were full of plastic. The 13 dead bodies were washed up on the beach near the German town of Toenning in Schleswig-Holstein.
Ben Christopher's insight:
How sad. Negative externalities of consumption and the wider effects. When you then go onto read this (http://education.nationalgeographic.org/encyclopedia/great-pacific-garbage-patch/) about the Great Pacific Garbage Patch, it makes you despair about this trash problem ever being effectively tackled though the article finishes with this approach, educating people away from plastic use:

"Scientists and explorers agree that limiting or eliminating our use of disposable plastics and increasing our use of biodegradable resources will be the best way to clean up the Great Pacific Garbage Patch. Organizations such as the Plastic Pollution Coalition and the Plastic Oceans Foundation are using social media and direct action campaigns to support individuals, manufacturers, and businesses in their transition from toxic, disposable plastics to biodegradable or reusable materials."

Here are some other innovative, market based attempts to deal with the problem and thus be more optimistic about the future:

http://www.theguardian.com/sustainable-business/2016/apr/13/edible-cutlery-company-eat-plastic-pollution-oceans

http://www.seabinproject.com/
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Paddy Power 'encouraged gambler until he lost his home, jobs and family'

Paddy Power 'encouraged gambler until he lost his home, jobs and family' | Year 1 Micro - Market Failure | Scoop.it
Bookmaker also failed to stop its fixed-odds betting machines being used to launder the proceeds of crime, says Gambling Commission report
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Putting a dollar value on nature is key to good resource management

Putting a dollar value on nature is key to good resource management | Year 1 Micro - Market Failure | Scoop.it
Economists have devised a framework to help policymakers select better trade-offs between natural resources and other traditional investments.
Ben Christopher's insight:

Classic evaluative point for MF - Difficulty in estimating an accurate monetary value for externalities caused

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Dimitri Zenghelis - Economic Impacts of Climate Change & The Global Outlook for Response

Dimitri Zenghelis - Economic Impacts of Climate Change & The Global Outlook for Response
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Global CO2 emissions are set to stall in 2015

Global CO2 emissions are set to stall in 2015 | Year 1 Micro - Market Failure | Scoop.it
New research suggests global CO2 emissions may decline in 2015
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China remains the world’s biggest emitter of CO2. By the authors' estimates, the activities of its people released 9.7 billion tonnes of the stuff—27% of the world’s total—into the air last year. (America was second, unleashing 5.6 billion tonnes.) At the same time, though, more than half of its new energy needs were met using low-carbon sources, including wind, sunlight and nuclear power. Indeed, China invests more in renewable-energy production than America and Japan combined.

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What's it like to live near an airport? - BBC News

What's it like to live near an airport? - BBC News | Year 1 Micro - Market Failure | Scoop.it
The recommendation for a new runway at Heathrow is causing controversy. How do residents near airports cope?
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Overfishing, the Blue fin tuna example (from "The End of the Line") - YouTube

A segment of "The end of the line", a documentary about overfishing. The overfishing problem is shown here for the blue fin tuna, where a combination of huma...
Ben Christopher's insight:

This astonishing documentary has many vivid sections that we can use when discussing the tragedy of the commons, economies of scale, government failure and when looking at how a long-run fall in supply can impact on the prices can consumers pay in the shops. It invites discussions about how to achieve sustainability in fishing and the costs and benefits of different schemes including marine parks in the oceans.

http://overfishing.org/pages/Documentaries_about_overfish.php

 

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The Tragedy of the Commons: How Elinor Ostrom Solved One of Life's Greatest Dilemmas - Evonomics

The Tragedy of the Commons: How Elinor Ostrom Solved One of Life's Greatest Dilemmas - Evonomics | Year 1 Micro - Market Failure | Scoop.it
The design principles for solving the tragedy of the commons can be applied to all groups
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FT.com

FT.com | Year 1 Micro - Market Failure | Scoop.it
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Consumers who save via a pension fund are financially worse off than if they had invested the money themselves, according to new research. High fees, opaque commissions and taxes have been criticised for putting the retirement incomes of millions of European savers at risk. Sample the FT’s top stories for a week You select the topic, we deliver the news. Select topic Enter email address Invalid email By signing up you confirm that you have read and agree to the terms and conditions, cookie policy and privacy policy. According to research that examined the returns generated by retirement products over the past 16 years, the long-term performance of savings products sold to EU citizens was found to have little in common with the performance of markets. The findings are at odds with politicians’ efforts to convince citizens to save more for their retirement, and reinforce long-running concerns about the ability of active management and asset allocation to add value to retirement products. Better Finance, the investor rights group that carried out the research, said: “Unfortunately most pension savings did not, on average, return anything close to those of capital markets, and in too many cases even wiped out the real value for European pension savers.”

https://www.ft.com/content/e5ea41f8-84b5-11e6-a29c-6e7d9515ad15
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ABC News Great Barrier Reef 2 June 2016

According to the ABC, a leaked report prepared for the Queensland Government, estimates it will cost $16 billion to stop the water pollution harming th
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How much to save the Great Barrier Reef?
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Lobbyists and Corporations, Arm-in-Arm

Lobbyists and Corporations, Arm-in-Arm | Year 1 Micro - Market Failure | Scoop.it
Although spending has plateaued since 2008, billions of dollars are hard at work.
Ben Christopher's insight:
Rent seeking - we want our politicians to be on our side but their true paymasters are somewhat more demanding! Government failure in action
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Undrawing
my tattoos

Undrawing<br/>my tattoos | Year 1 Micro - Market Failure | Scoop.it
The story of my 18 inkings - and why I’m now getting rid of most of them
Ben Christopher's insight:
A demerit good is one that if left to market forces would be over-consumed but have negative externalities.

Using this case as an example are tattoos a demerit good?
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Britain’s flat idea to tax soda and other sugary drinks

Britain’s flat idea to tax soda and other sugary drinks | Year 1 Micro - Market Failure | Scoop.it
It is easy to scapegoat the “empty calories,” but it doesn’t quite seem fair or, for that matter, efficient.
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Live Pollution and Air Quality Forecasts

Follow air quality in your city in real-time, and protect yourself from pollution thanks to our personalized advice and hourly forecasts.
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COST BENEFIT ANALYSIS: Would it be wrong to eradicate mosquitoes? - BBC News

COST BENEFIT ANALYSIS: Would it be wrong to eradicate mosquitoes? - BBC News | Year 1 Micro - Market Failure | Scoop.it
Mosquitoes cause more than a million deaths a year. Would there be any downside to eradicating them?
Ben Christopher's insight:

As the WHO declares mosquito borne Zika fever a major health emergency, scientists claim that we now have the knowledge to make extinct the species of mosquito which carry disease.

With approximately 1 million people dying from illnesses such as malaria and dengue fever each year, there seems a clear-cut case for proceeding with human engineered extinction of the mosquito species responsible.

However, the economic principles of cost-benefit analysis teach us to pause in situations like these - where the balance between the benefits and costs of a policy seem overwhelmingly on one side. It may be that significant factors have not been taken into account.

What possible negative consequences could there be to making mosquitoes extinct?
The typical response that it would interfere with the food chain has largely been discounted by scientists - they believe other insects would simply take the place of mosquitoes.

Where mosquitos have proved useful is in their effect on human expansion. 

Bizarrely, mosquitos may have saved the rainforests - their presence makes large areas of the world’s rainforests virtually uninhabitable.

As science writer David Quammen has stated in a BBC article I recently read on this subject:

"Nothing has done more to delay this catastrophe [the destruction of the rainforests] over the past 10,000 years, than the mosquito."

The article goes on to argue that, for some, the idea of the eradication an entire species is morally wrong (something particularly poignant in a week in which the West African Black Rhinoceros has been declared extinct). 

In my opinion, the danger is more that engineered extinction might become a commonplace solution that each time risks incurring large-scale unintended consequences. I don’t know the exact magnitude of these, but there is a chance they could be significant. 

Cost-benefit analysis suggests that if there are large possible costs (or benefits) that cannot currently be quantified, the best idea is to postpone a course of action.

An interesting counter-suggestion is that, instead of killing mosquitos, we could make them disease free - after all, having being infected by parasites, disease carrying mosquitos are themselves sick. 

And some scientists believe we could actually cure them!
However, by doing this, we could make the destruction of the rainforests an even more likely outcome. 

So - is it better to leave nature alone at the cost of so many human lives?

 

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Dubai Air Pollution: Real-time PM2.5 Air Quality Index (AQI)

Dubai Air Pollution: Real-time PM2.5 Air Quality Index (AQI) | Year 1 Micro - Market Failure | Scoop.it
aqicn.org: Free real-time Air Pollution information - for more than 60 countries in the World
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Pressure grows for 20% tax on sugary drinks to fight childhood obesity

Pressure grows for 20% tax on sugary drinks to fight childhood obesity | Year 1 Micro - Market Failure | Scoop.it
New health select committee report urges David Cameron to ‘take bold and urgent action’ and drop opposition to sugar tax
Ben Christopher's insight:

Let's intervene!

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The truth about smoking – it saves the public purse a lot of money – Telegraph Blogs

The truth about smoking – it saves the public purse a lot of money – Telegraph Blogs | Year 1 Micro - Market Failure | Scoop.it
Ed Miliband is expected to propose a new tax on tobacco companies – possibly levied according to market share – in his Labour Party conference speech to help fund greater spending on the National Health Service. Fair enough, you might say. The tobacco companies cost the NHS, and therefore the public purse, an awful lot [...]
Ben Christopher's insight:

Positive externalities of smoking? Really!!

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Yasir Ahmed's curator insight, December 2, 7:11 AM

The article explores how smoking can be reduced and tax revenue increased which can in-turn be spent upon the NHS to improve healthcare and overall societal health. Such taxed however do not usually reduce consumption. Smoking is a negative externality and hence an example of market failure; the government should correct such market failure. However it does not get corrected by increasing tax as smoking is an addictive thing which means that it will not be affected by a tax.