Economic Implications of Climate Change

Loyola Marymount University: • In his 2015 Papal Encyclical, Laudato Si’, in which he addresses climate change and our collective responsibility to care for our “common home,” Pope Francis , S.J., observes that, “Climate change is a global problem with grave implications: environmental, social, economic, political, and for the distribution of goods.”

Prompt 1 question: Much has been written about the environmental implications of climate change, but less about the distribution of goods or the social, economic, and political implications. Which one of these less studied aspects of climate change seems to you most worrisome for our “common home,” and why?

Climate change has significant social, economic, goods distribution, and political impacts. The economic consequences of the phenomenon have adverse effects across nations worldwide.  The increase in the earth’s temperatures directly influences and damages the current economy and slows future economic growth. The outcome is the rise in unemployment, the inability of countries to support themselves or advance, and developing countries becoming poorer compared to their status before the problem. The elimination or reduction of the release of carbon gases and other greenhouse gases that contribute to the global warming is hence a critical factor to ensure limitation of its effects. The climate change leads to lost productivity, infrastructure and property damage, and additional adaptation costs that affect the economy.

The changes in climate adversely affect both the productivity of the people and agriculture that in turn hurts the economy. The disruptions in daily life caused by global warming effects such as floods and heat waves mean that individuals are unable to go on with their routines. As a result, the loss of working time and school days that directly impact the economy. The inability of people to undertake their daily businesses inhibits the economic progress of a nation. Additionally, the rising atmospheric temperatures influence agricultural productivity as crops thrive under particular temperature conditions (Boubacar 362). The temperature increase would lead to dry areas becoming drier, and this means that their agricultural productivity will decline, and food costs will go up resulting in inflations. Also, flooding, snowstorms, and the severe rainfalls impact the planting activities, crop growth, and harvesting contributing to significant losses…..

Order a Similar or Custom Paper from our Writers