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Economic Benefits of Cleaning up Pollution

Question

Analyse how cleaning up pollution could benefit an economy. Coherent analysis which might include:

Category:

Externalities and Market Failure

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Benefits of Environmental Protection

I. 🍃Introduction
- Importance of environmental protection
- Benefits of environmental protection

II. Economic Benefits
- Reduction of external costs
- Improvement of health and less sickness
- Increase in quality of life and standard of living
- Less government spending on healthcare
- More spending on other priorities such as education
- Creation of jobs and employment
- Reduction of unemployment
- Attraction of MNCs
- Increase in incomes
- Reduction in poverty

III. Environmental Benefits
- Recycling of materials
- Increase in country's output
- Less use of non-renewable resources
- Better working conditions
- Increase in productivity of labor
- Reduction of costs of production
- Increase in output
- Reduction of unemployment
- Reduction of inflation
- Improvement of the environment
- Increase in tourism
- Increase in exports of services
- Improvement of the current account position
- Reduction of ocean pollution
- Improvement of fish stock
- Improvement of quality of fish
- Greater catches of fish
- Rise in incomes, revenue, and GDP

IV. 👉Conclusion
- Recap of benefits of environmental protection
- Importance of continued efforts in environmental protection.

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