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Exploring Big Economic Questions: Growth, Environment, and Future Generations

This lecture uncovers essential questions in economics: Why do economies grow? Will growth continue? Is growth detrimental to the environment? Are we running out of resources? What policies can ensure better futures for coming generations? It emphasizes that economic growth stems from the pursuit of improved living standards, driven by specialization, savings, free exchange, and innovation. It addresses environmental concerns, resource availability, and the importance of effective policies to manage externalities and promote sustainable practices.

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Exploring Big Economic Questions: Growth, Environment, and Future Generations

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  1. ECON*2100Week 1 – Lecture 1 5 Big Questions

  2. Readings file

  3. 5 Big Questions • Why do economies grow? • Will they keep growing? • Is growth bad for the environment? • Are we running out of resources? • What policies should we use to make future generations better off?

  4. 1. Why do economies grow? • Because people want better lives http://www.youtube.com/watch?v=BZoKfap4g4w

  5. 2. Will they keep growing? • Yes, because growth arises from natural social processes: • specialization, savings, free exchange, innovation http://www.youtube.com/watch?v=py7rMcKlCdw

  6. 3. Is growth bad for the environment?

  7. 3. Is growth bad for the environment? • So unless CO2 is a BIG problem, the answer is probably no. • No. Wealthy countries are cleaner than poor countries • The only exception concerns CO2 emissions

  8. 4. Are we running out of resources? • No, we do not “run out” • All that happens is some become too costly to use, and we have to find substitutes.

  9. 4. Are we running out of resources?

  10. 5. What policies should we use to make future generations better off? • Pricing externalities (and other forms of pollution control policies) • Promote efficient use of natural resources • Promote economic growth

  11. Next: The Story of Development

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