Why Was the Adoption of Expensive New Technologies More Effective

question 72

Essay

Why was the adoption of expensive new technologies more effective in limiting oil discharges by tankers as opposed to the cheaper alternatives that failed to change the behavior of tanker operators?

---

Definitions:

Fiscal Policy

Governmental actions related to changes in taxation and spending levels intended to influence economic activity.

Business Cycle

The natural rise and fall of economic growth that occurs over time, consisting of periods of expansion, peak, contraction, and trough.

Fiscal Year

A government's or organization's financial year used for accounting purposes, which may not necessarily align with the calendar year.

Multiplier

In economics, a factor by which a change in spending will be magnified in the overall economy, affecting output and income levels.