Economic cost vs. ecological cost

Monday, 13 February 2012 00:01 - - {{hitsCtrl.values.hits}}

The rate at which global population and resource consumption is growing is alarming. Yet, high users of resources continue to ‘drain’ these resources. In my opinion, the main reason is that the economic costs of many products we use today do not reflect the ‘true cost’ to the environment. For instance consider two diverse products

we ‘consume’ so regularly i.e. the cars we drive and the water we use in the household.

We need to find ways of pricing/taxing these products so as to drive conservation behaviour among the high users.