In the pantheon of economic thought, Adam Smith stands as a colossus, a philosopher whose seminal work, The Wealth of Nations, fundamentally shaped our understanding of free markets and the power of individual self-interest to fuel societal progress. But what would he write about today’s issues?
By striking a balance between support and accountability, while respecting individual liberty and property rights, we can address climate anxiety in a way that promotes long-term resilience and responsible stewardship of our environment. Here are four broad suggestions:
In an era marked by growing concerns about climate change, the role of government in addressing environmental issues has become increasingly prominent. However, as billions of dollars are poured into climate change programs and regulations, it is essential to critically examine the true impact and costs of these initiatives.
Free-market environmentalism combines the ideals of environmental protection with the principles of a free-market economy. It acknowledges that markets can provide powerful incentives for conservation and environmental stewardship, and that private property rights and contracts can be leveraged as tools to protect the environment. But how exactly does this work?
Tired of riding the fortunes of the weather, Australian farmers are increasingly turning to regenerative agriculture to sustain their land during periods of drought.
Soylent Green (1973), a dystopian sci-fi movie, depicts a world suffering from overpopulation, climate change, and extreme inequality, where the rich exploit and own the poor, who survive on the evil Soylent Corporation’s processed plankton. As 2022, the year in which Soylent Green was set, has now passed, the movie’s grim predictions of overpopulation have proven misguided.
The United Nations recently announced that the world’s population is now estimated to have reached 8 billion — up from 7 billion as recently as 2011. This latest milestone has seen renewed alarmism from those who believe that the planet is already overpopulated.But is population growth really such a threat to humanity? There are many reasons to believe that, quite the opposite, population growth actually amplifies opportunities for tackling humanity’s greatest challenges.
To protect the environment, the way forward is through the promotion of markets and innovation, including the sharing economy, which can solve the problem far more effectively than state regulation.
Given the various shortcomings associated with central planning, market-based solutions are extremely important in addressing climate change. Due to their sensitivity to geographic and technological differences across society, market-based solutions ought to be an important part of any solution.
Because no one can tell a plausible story about market exchange or transaction costs with future generations, no one can show that climate change is an external cost resulting from a market failure.
Saving a species from extinction is a daunting and important task. On many occasions, legislation designed to protect endangered species can be both inefficient and ineffective. Protecting the environment has the same problems – no matter how well-intentioned environmental protection laws are, unintended consequences often make bad situations worse, exacerbating pollution and environmental waste. Can […]