Topic 3 DQ 2

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Refer to Chapter 10 in the textbook which discusses externalities. Specifically, reference section 10-2, which details public policies towards externalities. Additionally, find an article using your subscription to the Wall Street Journal detailing one proposed solution to pollution. In your post, summarize the selected article and discuss the following:  Explain which of the public policies detailed in section 10-2 of the textbook best describes the proposed solution in the selected article.  Which of the public policy approaches outlined in section 10-2

would work best to resolve this pollution problem and why?  Hello Professor,  Hello Class,   Public policies towards externalities aim to address the negative consequences of economic activities that are not reflected in market prices.

These policies can be broadly categorized into two main approaches:  1. Command-and-control regulations: These policies involve the government imposing specific regulations, standards, and restrictions on polluters. For example, the government may set emission limits on industrial plants or

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mandate the use of specific pollution control technologies.  2. Market-based instruments: These policies use economic incentives to internalize the costs of pollution. Examples include emissions trading systems (such as cap-and- trade) and pollution taxes. These mechanisms create a market for pollution permits or

impose charges on polluters, encouraging them to reduce emissions in a cost-effective manner.  To determine the best public policy approach to resolve a specific pollution problem, one would need to consider the nature of the pollution, the characteristics of the industry or sector involved, and the local

context. Each approach has its advantages and limitations.    Eric Niiler. (2023, December 2). Cop28 climate summit takes aim at powerful methane emissions - WSJ. COP28 Climate Summit Takes Aim at Powerful Methane Emissions. https://www.wsj.com

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/us-news/climate- environment/environmental- protection-agency-methane- rules-oil-gas-industry-ff05fa1b 

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