Opportunity Cost: The Cost Of Climate Change (Essay Sample)
The following article is from the 7 October 2007 issue of the Washington Post by Bjorn Lomborg. Define Lomborg’s thesis in a short introductory paragraph using 5 to 15 sentences (5 points). Defend your statement of Lomborg’s thesis using at least four (4) examples of opportunity costs and any other relevant economic concept(s) we have studied to justify your answers (10 points).
In discussing the opportunity costs remember: relative scarcity, choice, opportunity cost. So what is the relatively scarce resource(s) that is driving the choice defining the opportunity costs? This must be part of your paragraph defining Lomborg’s thesis. This will also be used in defending your statement of Lomborg’s thesis using at least four (4) examples of opportunity costs. Thus, you need to think carefully about this introductory paragraph.
Note: If an economic concept is not relevant do not use it or try to make it fit your thesis defense.source..
Global warming has influenced humans greatly. Although there is a denial of the obvious causes, Bjorn believes that human beings are contributing to the rapid change in climate change. However, environmental groups opt to cut carbon emissions as a way of reducing global warming. This project is likely to cost the world trillions. Bjorn does acknowledge an aggregate benefit of controlling and minimizing climate change in comparison of the estimate cost of controlling global warming. He provides wide-ranging estimates on how much it would cost to control climatic changes as well as comparing the cost humans are likely to incur if affected by climate change. The cost of climate change is considered to be more uncertain than the cost of controlling climate change (The Washington Post Company, 2007). Nevertheless, if convenient, there will be a range of costs prior to limited benefits when inconvenient. Failure to incur costs to control climate change would result in species lost, distributional effects, and millions of people would lose their lives. It is not certain how brutal the climate change will affect humans. For example, according to the United Nations’ Intergovernmental Panel on Climate Change (IPCC), ocean levels are presumed to rise one-foot above the sea level (The Washington Post Company, 2007). A one-foot rise above the sea level is not disastrous but it will have more effects on small nations with islands. However, Bjorn argues that protecting land from rising tides will probably cost less. Water can be drained from wetlands, construction of levees and divert waterways could as well protect the land. Moreover, nations are becoming richer hence these are likely to lead to land sca...
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