CO2 emissions develop as a by-product of combustion. By nature, certain natural events have been observed to increase the level of CO2 emissions. The industrial revolution is expected to have developed from 1942 onwards. The mechanization and production has increased CO2 emissions substantially. Arrow notes that the fires that stem from natural volcanoes and lightning are present from over 500000 years. However, the rate of combustion is observed to increase substantially from Industrial revolution. This has almost doubled in the recent times. These can cause exponential damage to the environment (Arrow, 2011). This is owing to the fact that there could be spiralling of effects that cannot be quantified. Researchers such as Panofsky have stated with certainty that this would cause the CO2 emissions to increase steadily. Arrow uses the general equilibrium theory to explain the implications that this would cause in the environment. This is shown in the figure below.
The figure above shows the principle mandates of the general equilibrium theory. The impact it would cause on Price and Quantity needs to be considered. From an economist point of view, the general equilibrium theory tries to explore the relationship between the supply of products, demand of the production and subsequent pricing. This interaction between these three variables would result in a general equilibrium.
The general equilibrium is used for the pricing of the products and understanding the market demand for particular products (Arrow, 2011). These are important allusions that need to be considered. Along with this process, a need arises from factoring of the subjective conditions that are prevalent in each of these cases. Arrow uses this model to explain the impact of the CO2 emissions. A lot of uncertainty has been proven by other economics to exist in this report. However, it cannot be discounted that the current level of CO2 emissions is 430 parts per million. This particular rate has increased in the current times. This has increased from 280 ppm prior to the Industrial revolution. The growing rate of emissions might reach 550 ppm by 2035. This would cause the issues of sustainability and living for the organisms. This indicates that more needs to be done to address this particular system. This can be disastrous if it is not addressed in the current times. Stern report paints a negative picture and allusion about the probable development. These are important factors that must be contended. The research by other researchers sheds light into these processes. These have been explored in more detail in the following.
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