Part 14: Challenges to Growth: Environment and Sustainability 1. Is GDP a true measure of welfare? What are some alternatives? 2. Who benefitted the most from fossil fuels? How? Are they homogenously distributed across the world? Which groups of consumers are more responsible for fossil fuel consumption? How are they distributed across countries? 3. Which groups of countries have contributed the most to cumulative CO2 emissions in the last 250 years? 4. What is ecological footprint? What accounts for the most impact on ecological footprint since mid 20th century? 5. What is weak vs. strong sustainability? Can you give examples? 6. What are the four major environmental issues affecting growth and global economy? Explain each briefly. 7. What is the connection between neoliberalism and climate crisis? How are the two related? 8. What is the scientific consensus on climate change and role of human activity in it? What is causing climate change? 9. Which group of countries are and will be most affected from climate change? 10. What has 'equity' and 'justice' to do with climate change and responses to climate change? 11. What is wrong with the way we price fossil fuel production and consumption today? Is it an equilibrium price in the sense we teach economics? Why/why not? Think of the economics of externalities in your response.

Olivier Blanchard, Macroeconomics, Prentice Hall, 8th, 2020.