Climate change is not an economic problem and thus cannot be fixed via economics and the markets. Discuss.
This paper will elaborate that climate change is not an economic problem, and therefore, it cannot be solved using economic approaches.
There have been some economic approaches and policy responses that States have tried to use, but most of them have proven to be insufficient in addressing climate change. Some of the reasons as to why climate change cannot be addressed using economic approaches are that it’s hard to quantify some of the impacts that are as a result of climate change.
Example, quantifying health problems that are as a result of climate change is aproblem, as well as measuring the ecological goals as well as potential economic risks. Economists have tried using some economic theories like the theory of discounting in addressing climate change.
