Exploring Global Warming Impact on the Economy: The Nexus of Global Warming and the Economy in Perspective
Abstract
This study explores global warming’s impact on the economy, recommending solutions to reduce poverty. Its most important implications are for policy economists who present global warming’s effects as impacting intergenerational equity. Grounded in production theory, the specific emphasis of this study is public-goods investment and agricultural productivity’s dependency on nature. A focus on these two areas is what sets this study apart from similar research. After conducting a meta-study of the relevant qualitative information on these areas, my findings reveal that global warming’s effects are always a trade-off between present and future generations’ consumption of resources. Since the global population increases while resources are limited, historical inequalities are likely to persist if concerted interventions are not widely adopted. I argue that if global warming’s effects are economic problems, the over-exploitation of limited resources needs to be addressed directly and that economic solutions without follow-through cannot fix the problem. Ultimately, the study recommends that reducing greenhouse gas (GHG) emissions, despite negative economic outcomes in the short term, will be beneficial over time. As a result, the present generation needs to invest wisely in environmentally sustainable technologies, rather than short-term goods, so that future generations will enjoy the economic benefits of a clean environment. Research confirms that restricting global warming will affect agricultural productivity now, but trillions of dollars will be recuperated by 2300 as a result. The sooner environmentally friendly technologies are adopted by businesses, the better. Although these findings are not novel, they are timely because meta-studies such as this combat disinformation.
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