Economics @ ITT

Hidden Cost of Burning Fossil Fuels: $120 Billion

Posted in economics, microeconomics by ittecon on October 20, 2009

A new report by the National Academy of Sciences estimates that burning fossil fuels costs the United States about $120 billion a year in hidden costs. The study estimated that nearly 20,000 people die prematurely each year from air pollutants emitted by power plants and vehicles. The study found that coal burning was the biggest single source of such external costs. Environmental groups said the actual hidden cost of burning fossil fuels is even higher, because the study did not include expenses related to global warming. The National Mining Association criticized the report for ignoring what it described as the hidden benefits of coal-based generation.

Source: DemocracyNow!

2009 Nobel Prize Winner — Elinor Ostrom

Posted in economics, microeconomics by ittecon on October 12, 2009

Elinor Ostrom, sharing with Oliver Williamson, has been granted the Nobel Prize in the field of Economics. Elinor has spend decades disproving the concept that private property is a superior model to efficient resource usage. Some of her published works are Governing the Commons and Local Commons and Global Interdependence. Congratulations to both of these recipients.

Elinor OstromE