A warming Arctic could cost the world $70 trillion. A study warns that the Arctic is warming

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A warming Arctic could cost the world $70 trillion.
A study warns that the Arctic is warming at an accelerating pace that will cost nearly $70 trillion. But keeping the temperature rise to 1.5 Celsius lowers the cost to $25 trillion. What is the externality described in the news clip? Why are property rights in the Arctic not a solution to this externality? What solution might be effective?

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Foundations Of Economics

ISBN: 9780135897478

9th Edition

Authors: Robin Bade, Michael Parkin

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