California to list herbicide as cancer-causing
The article reports the decision taken by the California’s Office of Environmental Health Hazard Assessment (OEHHA) Glyphosate, an herbicide and the active ingredient in Monsanto Co’s popular Roundup weed killer to be added to California’s list of chemicals known to cause cancer. Monsanto, on the other hand has vowed to continue its legal fight against the decision.
Topics include Market Failure, Marginal Social Cost, Marginal Private Cost, Negative Externalities and Sustainable Development. Explain using diagrams of Negative externalities of Consumption, production and Government’s action through prevention, regulation, penalties and legislation.
Evaluation will cover implications of penalties for environment damage on Consumers, Producer, affected parties, damage to environment, role of Government and extent of Government Intervention, other preventive methods to counter Negative Externalities in short term and long term.