Student’s question: Global warming is an issue that is discussed more and more intensely nowadays... what are the negative impacts & what are the positive?
Ok, thanks again for asking. This is a very interesting question to address seemingly that most of the people out there will say that only those who are insane would say global warming has its good side.
Positive effects of global warming:
1. There will be a sudden increase in the awareness of environmental conservation. Once people have achieved a higher standard of living & earn higher income, they will be automatically looking into living in a cleaner & healthier environment. This explains why the environmental activists in the West place more concern over this issue compared to the East. Subject of Environmental Economics may become a more popular subject taken up in most universities
2. Possibly, more usable land for farming & housing. Large stocks of land in the northern hemisphere (cold area), just south of Canadian & US border could be suitable for habitation. By that time, land scarcity will be less severe & prices of house will become more affordable once the ice retreats. Problems of expensive food price & global food shortages could be overcome with more land turn into agriculture
3. A slower increase in the price of crude oil. Research shown that global warming has shortened the lifespan of winters. As such demand for home heating oil will reduce greatly & this may bear a temporary slowdown in the price of oil
4. Greater economic activity. Shorter period of winters mean people will spend lesser time staying indoors & more time outside. Hence there will be a higher level of economic activity when people pump money into the economy like shopping, dining outside, watching movies, recreation. This explains why GDP is normally higher in Summer
5. Lesser number of accidents. With most streets free from ice & snow, driving will be a lot safer. There is no need to incur additional expenditure of shovelling the snow. Also, the air, road & rail transportation could benefit greatly & perhaps generate more profit as they need not caught up in any weather related delays
For negative effects, please look at my previous postings,
http://econsguide.blogspot.com/2008/06/economics-of-global-warming.html
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