ECONOMIC OUTPUT AND ENVIRONMENTAL PROTECTION-:

Another major trade off faced by a society is deciding whether to prioritize environmental protection or economic output. Command-and-control environmental laws do reduce environmental loss to an extent, but they create a situation where the available resources are mostly left unused, resulting in severe loss of total output, which ultimately induces businesses to shift from the country; on the other hand giving a green signal to maximize economic output severely damages the environment, which as can be seen today is leading the world towards annihilation, prime example being the current heat wave in Western countries such as Canada and the U.S.A.

In today’s world this is a major trade off because people around the globe are coming forward in a bid to change the existing economic scenario and save mother earth, world leaders have accepted the fact that the environment needs a saving, and a lot is being done on that matter, but looking from an economists point of view environmental protection is not as easy as it seems, as mentioned earlier command-and- control environmental laws pose a great threat to the economic output and subsequently to the income of people which is why a rational society would rather steer away from such laws. The best way to make a decision in this trade-off is a “PRODUCTION POSSIBILITY FRONTIER”, a PPF is essentially a curve used to demonstrate different possibilities of producing two different products with the same finite resources, and it can be used to determine a balance between economic output and environmental protection.

Figure: 1

In figure:1, y axis denotes economic output, and x axis denotes environmental protection, in this figure it is assumed that resources are finite and increasing one unit of economic output would automatically reduce one unit of environmental protection, P,Q,R,S,T, are points where resources are fully utilized, and point M denotes underutilization of resources. Point P denotes maximum economic output with minimum environmental protection, while point T denotes maximum environmental protection with minimum economic output. In this scenario point R would be considered a fine balance, but different countries have different needs at different point of time and striking a balance between economic output and environmental protection is not always considered feasible. Also, other factors affecting this trade off are labour and technology, technology plays a major role in increasing environmental protection, but this fact is blatantly misused by many world leaders who argue that future technologies would automatically help in environmental protection and give little to no attention to it now, and this is why this trade-off is a major concern in today’s world.

Aishwarya Says:

I have always been against Glorifying Over Work and therefore, in the year 2021, I have decided to launch this campaign “Balancing Life”and talk about this wrong practice, that we have been following since last few years. I will be talking to and interviewing around 1 lakh people in the coming 2021 and publish their interview regarding their opinion on glamourising Over Work.

If you are interested in participating in the same, do let me know.

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We are also running a series Inspirational Women from January 2021 to March 31,2021, featuring around 1000 stories about Indian Women, who changed the world. #choosetochallenge