an economics analysis of greenhouse gas emissions associated with farming livestock (specifically cows and sheep).

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Externalities in livestock
Global warming is one of the serious issues that the world is trying to find a solution to today. The ever-increasing greenhouse gas emissions have been blamed for global warming. This has led to rising atmospheric concentration changing our climatic conditions (Jose et al. N.p). According to recent studies, livestock farming has resulted in over 6 billion in tones of produced gases. The figure can be estimated to be above 18% of all the emitted gases (Herro, N.p). Mainly cows and sheep rearing have contributed to the emission where they account for about 12% due to the high level of production of their products.
The worlds tracking mechanism for the emission of livestock greenhouse gas is very ineffective in the producing countries only held responsible despite the export of the livestock products (Zaks, 17-18). Although we derive a lot of benefits from cows and sheep’s, like meat, milk and other products, its increased production has resulted in negative externalities hence affecting the equilibrium market leading to market failure. The externality is due to the pollution from livestock farming where according to studies manure accounts for the second highest pollutant of the GHGs (Aguirre-Villegas, and Larson, 1-2). Others include fodder feeds, grazing and the manufactured feeds that have a bearing on the pollution level (Leip, 6).
By definition a negative externality results to a third party incurring a c…