Econ 110: How to Save the World

So I've finally gotten around to taking econ this semester. I've been a little frustrated at times in the course because how you phrase a problem and the assumptions you make for the sake of doing our elementary calculations can twist problems out of proportion. We talked about social security in class and the terms of the discussion made me want to jump out of my chair.

However, today I was pleasantly surprised when I saw the topic for our first policy memo is, "What is the best way to deal with the problem of global warming?" (Remember, phrasing is important. Its not asking 'is it worth dealing with global warming') Quoting from the assignment,

"In your opinion, what is the best way to achieve a global reduction in CO2 emissions? For example, should countries voluntarily agree to limit the growth of emissions, as the Bush administration advocates? Or should a system of pollution taxes, or tradeable emissions permits be implemented? If the latter, should this be confined to industrialized countries only, or should it include developing countries as well?"

I'm going to save my analysis to this question for a later post, because I want to think about it some more. Right now I'm celebrating the fact that that 80 Williams students are going to have to think critically about this issue when they otherwise wouldn't have to. This is exactly the kind of academic exercise that we need so much. Maybe we'll get some new TNGers out of this, and maybe we'll come up with an amazing solution, but we'll definitely add to the general atmosphere of concern and popular expectation of action.