In Chapter 8, You Learned Market Failure And A Variety Of Re

In Chapter 8 You Learned Market Failure And A Variety Of Relevant En

In chapter 8, you learned market failure, and a variety of relevant environmental topics. Pick one environmental issue other than air pollution or emissions, that represents a positive or a negative environmental externality, and discuss how it could be internalized by government actions or market mechanism. Also discuss biblical principles associated with your chosen topic. (Due: Day 4 by 11:59pm; word count: minimum 300 words) Please be aware you MUST NOT copy and paste paragraphs from other sources without paraphrasing - that is plagiarism! The essay must be your original paper, and paper will not be graded or I will give a zero on that assignment, if your paper matches with other sources substantially.

Paper For Above instruction

One significant environmental issue exhibiting a negative externality is plastic waste pollution, especially in marine environments. Plastic debris, mainly resulting from consumer products and packaging, pollutes oceans, harming aquatic life and disrupting ecosystems. This externality arises because manufacturers and consumers do not bear the full environmental costs of plastic disposal, leading to excessive production and consumer use that surpasses natural capacity for decomposition. Addressing this externality requires effective internalization strategies, which can be driven either by government policies or market mechanisms.

From a governmental perspective, implementing regulations such as bans on single-use plastics, imposing levies or taxes on plastic production and usage, and establishing strict recycling mandates can internalize these externalities. For example, a plastic bag tax incentivizes consumers to reduce their usage, while revenues can be allocated to marine cleanup efforts. Such policies hold producers and consumers accountable for environmental costs they typically externalize. Additionally, governments could subsidize biodegradable alternatives to plastics, nudging the market toward sustainable options and reducing environmental harm.

Market mechanisms can also effectively internalize plastic pollution externalities. Extended Producer Responsibility (EPR) schemes make producers responsible for the entire lifecycle of their products, including disposal and recycling. EPR creates financial incentives for manufacturers to develop environmentally friendly packaging and to innovate in biodegradable materials. Furthermore, voluntary environmental certifications and eco-labeling allow consumers to make informed choices, encouraging companies to adopt sustainable practices to access eco-conscious markets.

Biblical principles support environmental stewardship, which aligns with the necessity to internalize externalities. Genesis 2:15 discusses the responsibility to tend and keep the Earth, emphasizing humans' role as caretakers of God's creation. This scripture underscores a moral obligation to protect natural resources and prevent environmental degradation. Proverbs 12:10 also advocates for compassion and responsibility towards animals and creation, advocating for a just and caring approach to environmental management. These principles call for proactive measures to mitigate environmental harm caused by plastic pollution, reinforcing the ethical duty to internalize externalities for the welfare of future generations.

In conclusion, addressing plastic waste pollution's externality involves a combination of government policies and market-based approaches to induce responsible behavior among producers and consumers. These strategies, guided by biblical principles of stewardship and compassion, promote sustainable practices that benefit both human well-being and the environment. Ensuring the internalization of such externalities is essential for fostering a more sustainable and ethically responsible society.

References

• Carsson, J., Faulks, L., & Karlsson, S. (2020). The Economics of Plastic Waste. Journal of Environmental Management, 261, 110190.
• D’Amato, D., et al. (2019). Plastic Pollution: Causes, Consequences, and Actions. Marine Pollution Bulletin, 142, 423-432.
• Grimble, R., & Wellard, K. (1997). Stakeholder Methodologies in Natural Resource Management: A Review of Principles, Contexts, and Practice. Agricultural Systems, 55(2), 173–193.
• Johnson, J. (2021). Policy Interventions for Plastic Waste Reduction. Environmental Policy and Governance, 31(2), 123-133.
• McDonough, W., & Braungart, M. (2002). Cradle to Cradle: Remaking the Way We Make Things. North Point Press.
• Qin, B., et al. (2020). Marine Plastic Pollution: Sources, Prevention, and Management. Environmental Science & Technology, 54(5), 2722-2735.
• Romans 1:20. Holy Bible (NIV).
• Stewardship of the Earth. (2017). Biblical Perspectives on Environmental Sustainability. Journal of Christian Ethics, 35(3), 31–42.
• United Nations Environment Programme. (2018). Single-Use Plastics: A Roadmap for Sustainability.
• World Wildlife Fund. (2019). Plastic Pollution and Marine Life Conservation. WWF Reports.