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The effect of climate change on economic growth
The effect of climate change on economic growth
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
The effect of climate change on economic growth
Climate change is a major global challenge that is expected to have a significant impact on economic growth. Climate change can have both direct and indirect effects on the economy. The direct effects of climate change on the economy include the costs associated with physical damage to infrastructure and the loss of productivity due to natural disasters. Indirect effects of climate change include changes in the availability and cost of resources, such as water and energy, and impacts on public health, labor productivity, and overall economic activity.
One of the most significant direct effects of climate change on the economy is the cost of physical damage to infrastructure. Extreme weather events, such as hurricanes and typhoons, are becoming more frequent and intense, which increases the risk of damage to infrastructure, including buildings, roads, and bridges. This can result in significant costs for repair and reconstruction, which can reduce economic growth and increase government spending. For example, the cost of repairing the damage caused by Hurricane Harvey in the United States was estimated to be over $125 billion.
Another direct effect of climate change on the economy is the loss of productivity due to natural disasters. Extreme weather events can disrupt economic activity by causing businesses and factories to shut down, reducing the number of working days and, in turn, decreasing overall economic output. For example, the 2011 Thai floods caused significant economic losses, with estimates suggesting that the country’s economic growth was reduced by 1-2 percentage points as a result of the disaster.
In addition to direct effects, climate change also has indirect effects on the economy through changes in the availability and cost of resources. Climate change can alter the water cycle, causing changes in the availability of water for agricultural and industrial use. This can increase the cost of production and reduce economic growth, particularly in regions that are heavily dependent on agriculture. Additionally, climate change can lead to higher energy costs, as it may increase the demand for energy used to cool buildings and power air conditioning systems, which could result in higher energy prices and reduced economic growth.
The impact of climate change on public health is also expected to have a significant indirect effect on the economy. Climate change can increase the risk of the spread of diseases, such as dengue fever and cholera, which can reduce labor productivity and increase healthcare costs. This can result in reduced economic growth and increased spending on healthcare, which can be particularly problematic for countries with limited healthcare systems.
Finally, climate change is expected to impact the overall economic activity, as it can lead to shifts in global trade patterns, as well as changes in consumer behavior and investment patterns. For example, as the cost of production increases due to the impacts of climate change, businesses may choose to relocate to regions with lower costs, which could lead to a decline in economic activity in some regions. Similarly, changes in consumer behavior, such as a shift towards more sustainable and environmentally friendly products, could impact the demand for certain products and services, leading to changes in investment patterns.
In conclusion, climate change is expected to have a significant impact on economic growth, through both direct and indirect effects. The cost of physical damage to infrastructure, the loss of productivity due to natural disasters, changes in the availability and cost of resources, impacts on public health, and changes in economic activity are all expected to contribute to a reduction in economic growth. To mitigate the impacts of climate change on the economy, it is important to implement policies and investments aimed at reducing greenhouse gas emissions, as well as adapting to the impacts of climate change through investments in resilience and infrastructure.
The effect of climate change on economic growth
RUBRIC
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points: Student failed to submit the final paper. 5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors 10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points: Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper.
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