2020 SkS Weekly Climate Change & Global Warming News Roundup #47

Source: SkepticalScience

2020A chronological listing of news articles linked to on the Skeptical Science Facebook Page during the past week: Sun, Nov 15, 2020 through Sat, Nov 21, 2020

Editor’s Choice

The ‘market’ won’t save us from climate disaster. We must rethink our system

Expecting the free market to fix global warming is like trying to pound nails with a saw

Wildfire

Nicholas Stern, the former chief economist of the World Bank, calls climate change the ‘greatest and widest-ranging market failure ever seen’. Photograph: David McNew/Getty Images

The massive wildfires that have been rampaging across the American west this year are not purely natural disasters. They are partly products of the unnatural disaster of climate change – “unnatural”, in that the ultimate responsibility for global warming belongs not to physics but to our economic system. Nicholas Stern, the former chief economist of the World Bank, calls climate change the “greatest and widest-ranging market failure ever seen”. Sadly, climate change is only one – albeit a whopper – of the countless market failures that degrade our lives.

Though it sounds like a generic phrase, “market failure” is actually a technical term. It doesn’t refer to scams like insider trading or corporate fraud. A failure occurs when the marketplace allocates resources in a way that does not optimally deliver wellbeing. We understandably focus a lot of attention on the depredations of greedy tycoons and corporations, but many of the most consequential market failures stem from innate characteristics of our current market system.

Many of us probably already have a gut feeling that our current market system often fails. In order to build a more sustainable, just and prosperous economy, however, it’s vital that we better comprehend the shortcomings deep in the market’s DNA. Greater awareness would reduce blind faith in the market and enable people to see the market for what it is: a tool. It can be an excellent tool when used for the right job, but relying on the market to deal with something like climate change is like trying to pound nails with a saw.

Click here to access the entire Opinion Piece as originally published on The Guardian website.

Solar Panels + Agriculture: You Ain’t Seen Nothing Yet by Tina Casey, CleanTechnica, Nov 19, 2020


Articles Linked to on Facebook

Sun, Nov 15, 2020

Mon, Nov 16, 2020

Tue, Nov 17, 2020

Wed, Nov 18, 2020

Thu, Nov 19, 2020

Fri, Nov 20, 2020

Sat, Nov 21, 2020

http://www.skepticalscience.com/news.php?n=4925