Environmental Laws and How They Affect World Economy – January 03,2017

Environmental degradation and concerns about its policies has risen considerably in the past few decades. The debate of what kind of policy should be brought in to get a positive change in the environment continues. The lawmakers are torn between ardent environmentalists who want a change at the earliest and equally zealous economists who want to quantify these policies.
Over the years, in fact, the definition of what environmental law or regulations is itself has become very polarized and have different interpretations per different ideologies. However, for economists this has been a chance to critic and point out deficiencies of governments concerned.
Most economists argue based on costs when it comes to environments laws. But it is difficult to quantify the costs of environmental values like healthy ecosystem, clean air or clean potable water. Many environmentalists respond to such argument by telling that the economy depends on the environment and not the other way around. The worst part is that there is an ethical or moral aspect that comes in the way that usually undermines the financial part.
Economists also argue that strict and very rigid laws and regulations have led to people losing jobs in various sectors of economy. The whole manufacturing industry was hit although not at a very huge rate.
Environmentalists, on the hand, tell that if they do not take a step now the degradation might as well continue and not stop at all. They say that with the amount of resource depletion and pollution in the world, there might not be an economy to survive at all.
“The economy is a wholly owned subsidiary of the environment, not the other way around.” Said Gaylord Nelson, former US senator, in a speech whilst celebrating earth day.
The raison d’être for the laws is not to bring down the economy but to make the world a better place to live in. Furthermore, there is a huge number of environmentalists who say that entrepreneurs can build their firm and economy with regards to the environment. Innovation in new technology and resources will be a boon not only to the environment but also to the economy. The whole idea of sustainable development should become ingrained in people so that they educate and become aware of what is the future like.
The government also, this is something both economists and environmentalists agree on, must take effective, practical, and analysed decisions on environmental laws and issues. They should not push the papers just because the environmental groups are asking them to. At the end of the day, it is the government who takes the decision but they ought to keep in mind the aspects of what the people want and what the industries are demanding