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Who or what is this? What is the message from Dr. Seuss Do Now Slide 2 Quick review Quick quiz. With the use of your notebooks answer the following question. What is Environmental Justice (Injustice)? Is this an example of injustice or one countrys choice? Slide 3 New Material Why was Hurricane Katrina so devastating to New Orleans? There was the bad storm, then the poor planning by the city and state government as well as the citizens of New Orleans, but it was the perceived unwillingness to help that upset people. Many of the poor felt abandoned. Slide 4 International Environmental Injustice Wealthy nations impose pollution on poorer nations Hazardous waste is expensive to dispose of Companies pay poor nations to take the waste It is dumped illegally Workers are uninformed or unprotected The Basel Convention prohibits international export of waste But illegal trade and dumping continue The United States has not ratified this treaty Slide 5 Economics Economics studies how people use resources to provide goods and services in the face of demand Most environmental and economic problems are linked Root oikos, meaning household, gave rise to both ecology and economics Economy = a social system that converts resources into: Goods: manufactured materials that are bought, and Services: work done for others as a form of business Slide 6 New Material Economics studies how people use resources to provide goods and services in the face of demand Economy = a social system that converts resources into: Goods: manufactured materials that are bought, and Services: work done for others as a form of business Slide 7 Economics Subsistence economy = people get their daily needs directly from nature or their own production Capitalist market economy = buyers and sellers interact to determine prices and production of goods and services Centrally planned economy = the government determines how to allocate resources. USSR, China for example Mixed economy = governments intervene to some extent. Some felt that unregulated financial practices caused the 2009 recession. Others believe the market will self-correct. Slide 8 New Material The role of government: Eliminate unfair advantages held by single buyers or sellers Provide social services (national defense, medical care, education) Provide safety nets for disaster victims, etc. Manage the commons (prevent Tragedy of the Commons) Mitigate pollution and other threats to health and quality of life Slide 9 Adam Smiths invisible hand Why is it called the invisible hand? Because, in Classical economics: when people pursue economic self-interest in a competitive marketplace The market is guided by an invisible hand which means society benefits This idea is a base of free-market thought today It is also blamed for economic inequality between rich and poor Critics feel that market capitalism promotes environmental degradation. Whether true or not, the XL Keystone Pipeline or any fossil fuel industry Slide 10 New Material Cost-benefit analysis = costs of a proposed action are compared to benefits that result from the action If benefits out weigh the costs: pursue the action For example, parents paying for college. Slide 11 The market can counter market failure Ecolabeling = tells consumers which brands use environmentally benign processes A powerful incentive for businesses to change Dolphin-safe tuna, organic food Greenwashing: consumers are misled into thinking companies are acting more sustainably than they are Pure bottled water may not be safer or better