Economics: Private and Public Choice
16th Edition
ISBN: 9781337642224
Author: James D. Gwartney; Richard L. Stroup; Russell S. Sobel
Publisher: Cengage Learning US
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Chapter 1, Problem 14CQ
Should the United States attempt to reduce air and water pollution to zero? Why or why not?
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Is environmental pollution a failure of the free market system?
In what ways is pollution still a problem?
Typically this kind of economic activity results in environmental harm through production and consumption externalities. When a country such as Econ Land manages to break the link between economic activity and environmental harm, it is known as ["decoupling", "uncoupling"] .
Whether Econ Land has truly broken this link or not depends on the amount of ["export pollution", "import pollution"] they are responsible for, pollution in other countries resulting from the production of products consumed in the country of Econ Land.
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Economics: Private and Public Choice
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Similar questions
- Economists offer two major potential policies to reduce our greenhouse gas emissions: pollution taxes and cap-and-trade programs. Which do you think would be most effective at reducing emissions? Discuss the pros and cons of each, as well as the difference between the two policies.arrow_forwardIt’s common to think that reducing pollution is necessarily costly because to reduce pollution we need to tax firms who will then produce less. But can you think of one example in which pollution might not only be unpleasant but might actually reduce production?arrow_forwardOne million plastic bottles being sold every minute is a pretty stark number showing why this is a problem, particularly when you add it to the fact that less than half are collected for recycling. Plastic has many desirable properties making it a ubiquitous material. Plastics create millions of products and on top of that millions of jobs. The plastic industry is a huge part of the world economy yet its efficiency and negative externalities are often overlooked. You are a student of economics and you were recentlyasked to make a virtual presentation at a conference based on the article ‘Drink Bottles’. REQUIED: 1. ‘Drink Bottles’ presents a case of market failure. Explain what is meant by market failure. Be sure to outline the sources of market failure.arrow_forward
- There is a saying that a person worried about the source of his next meal is not much concerned about the level of pollution in the nearby stream. How does this saying reflect that pollution is a first world, as opposed to third world, problem? Put differently, does the evidence – both over time within economies and across economies at a given time – indicate that the pollution problem gradually cures itself as economies become more prosperous?arrow_forwardQ. Even though everyone values clean air and wishes to breathe clean air, environmentalists and a large number of city dwellers would say that Canadian cities have excessive air pollution. Explain why, if left to the free-market system, the problem of excessive air pollution would not be solved? Name another problem that would not be solved, if left to the free-market systemarrow_forwardIf we are to take action against global warming we must reduce carbon emissionsarrow_forward
- Why is pollution an example of market failure?arrow_forwardImagine you are working as a climate advisor to the federal government and they want to craft a bill to drastically reduce methane emissions in America. Which of the following policies would you recommend to them as the most effective in reducing methane? a. federal and state funding being directed to the western states for large scale forest management and fire prevention b. incentive programs to reduce meat production and consumption, while additionally subsidizing alternative diet options c. a nationwide waste management program focused on composting organic material to divert waste from landfills d. incentivizing solar panels to allow for affordable renewable energy that is competitive with market pricing for energy]arrow_forwardWhat are pollution havens? How are they created or why do they exist? Why do economists think they may change over time and develop policies to reduce pollution?arrow_forward
- Briefly explain why the environmental protection efforts and public part beautification are unlikely to happen in a free market unless the government provides them.arrow_forwardwhat are the corrective taxes? why do economists prefer them to regulate as a way to protect the environment from pollution?arrow_forwardA country is currently creating40 million tons of toxic waste per year. The table below shows the marginal costs and benefits of reducing the amount of toxic waste to various amounts. What level of toxic waste should the country reduce to?arrow_forward
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