Miscoeconomics

As global temperatures continue to rise and our dependence on fossil fuels does not appear to dwindle, we must ask whether the market system and its surrounding institutions can handle the global warming crisis. New technologies are on the horizon, but our dependence on fossil fuels remains strong. The energy sector is also in crisis. For example, our electric grid is in serious need of repair and modernization, but privately-owned grid operators do not appear to be responding to the climate crisis. In this Chapter, you learned about private and government solutions to the problem of externalities and to differentiate between private and public goods. Your task is to articulate the global warming crisis using those concepts, take a position on how well or how poorly we are handling the energy crisis, and offer a solution