climate change/market failure

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Paper Topic: climate change/market failure p 7 Market Failure MARKET FAILURE AND PUBLIC GOODS December 17 , 2007 Explain how climate change may be seen as an example of market failure In a community , a market is a place where producers and consumers meet and the ideal place where exchange of certain goods takes place based on certain rights and policies protecting the benefit of all parties involved with any transaction occurring in it

A good climate promotes better survival rate of any organism in a certain location However , climate change is a nightmare it is really a market failure By directly looking at its impact in the global economic process we can tell that it is the main causes of easily foreseen market failures

From a web definition of the word market , it is stated that a market is an institution in which individuals or firms exchange not just commodities , but the rights to use them in particular ways for particular amounts of time Web definition of the word market ‘ taken from : http /en

Market processes can be considered successful when mutual benefits exist between all individuals within it , that is , when all rights are enjoyed One characteristic of a healthy market is when allocation of goods and services is efficient otherwise , a market failure occurs

This is usually one implication of a failing economy , thus economists continuously search and develops models and theorems that could effectively determine undiscovered factors that triggers this phenomena We will be discussing one form of market failure that is often unseen by most people- climate change

The decrease in productivity of agricultural goods , the increase of mortality rates due to many climate related diseases like malaria diarrhea , flooding in lowland areas are some examples of problems caused by climate change

When a market failure is experienced , it is usually associated with scarcity of goods or inefficiency of its allocation systems and streams of distribution For instance , an increase in Oil Prices in the Global Market will result to an increase in the prices of local goods since Oil is one resources that facilitates production (e

com Examples of these rights can be the consumers right (e

When we talk of climate change we are talking of the variations of temperature level of the Earth

It is rooted from the continuous accumulation of GreenHouse Gases (GHGs ) in the Earth ‘s atmosphere

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