After visiting the SIMS Municipal Recycling facility, I had learned a lot about recycling. This facility focuses more on sorting out recycling waste and making a profit out of these reusable rather than producing goods out of these waste. According to the Eadaoin, our tour guide she stated that all of the household and public school’s garbage in Brooklyn, and Manhattan all goes to SIMS facility. This trip to SIMS amazed me by seeing the amount of garbage and the machinery they use to sort out these garbage. After sorting out the garbage in the facility to plastic, glass and metal, these recyclables are sold to many different companies. These companies would then use these recyclables, reuse, and produces new goods out of them.
1.What is your understanding of the neo-Keynesian perspective? How does it differ from the neoclassical perspective? What do neo-Keynesian economists view as the most important policies to address the challenges of climate change?
Neo-Keynesian perspective is based on maintaining the economic growth through investments, governments and consumers spending. Neo-Keynesian focuses more on the demand side rather than the supply-side because they believe that the increase of consumer demand will result in the increase of investment, aggregate demands, and more spurs of government growth. While neoclassical mainly focus on the prices and products through supply and demand. Neoclassical economists main principals are economic with grow if scarce resources are being used and meeting people’s needs. Supply should equal demand. Neo-Keynesian’s thoughts about climate change are that they want new regulation and a level playing field of low and high carbon energy sources
2. The authors discuss what they call “Innovation Economics.” What do Atkinson and Hackler mean by innovation economics? Describe their perspective.
The authors refer innovation economics as understanding the problems occurring in the society and finding ways through innovations to help economic growth. The authors stated that innovation economists suggest that having the knowledge of product and adaptive efficiency allows us to understand what innovation can create growth.