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4 THE ECONOMICS OF THE PUBLIC SECTOR

[object Object],[object Object]

EXTERNALITIES AND MARKET INEFFICIENCY ,[object Object],[object Object]

EXTERNALITIES AND MARKET INEFFICIENCY ,[object Object],[object Object],[object Object],[object Object],[object Object]

EXTERNALITIES AND MARKET INEFFICIENCY ,[object Object],[object Object],[object Object],[object Object]

Welfare Economics: A Recap ,[object Object],[object Object],[object Object]

Welfare Economics: A Recap ,[object Object],[object Object]

Figure 2 Pollution and the Social Optimum Copyright © 2004 South-Western Quantity of Aluminum 0 Price of Aluminum Equilibrium Demand (private value) Supply (private cost) Social cost Q OPTIMUM Optimum Cost of pollution Q MARKET

Negative Externalities ,[object Object],[object Object]

Negative Externalities ,[object Object]

Positive Externalities ,[object Object],[object Object]

Positive Externalities ,[object Object]

Positive Externalities ,[object Object],[object Object],[object Object],[object Object]

Positive Externalities ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

PRIVATE SOLUTIONS TO EXTERNALITIES ,[object Object]

PRIVATE SOLUTIONS TO EXTERNALITIES ,[object Object],[object Object],[object Object],[object Object]

The Coase Theorem ,[object Object],[object Object],[object Object]

Why Private Solutions Do Not Always Work ,[object Object]

PUBLIC POLICY TOWARD EXTERNALITIES ,[object Object],[object Object],[object Object]

PUBLIC POLICY TOWARD EXTERNALITIES ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

PUBLIC POLICY TOWARD EXTERNALITIES ,[object Object],[object Object],[object Object],[object Object]

Figure 4 The Equivalence of Pigovian Taxes and Pollution Permits Copyright © 2004 South-Western Quantity of Pollution 0 Price of Pollution (a) Pigovian Tax Demand for pollution rights P Pigovian tax 2. . . . which, together with the demand curve, determines the quantity of pollution. 1. A Pigovian tax sets the price of pollution . . . Q

Figure 4 The Equivalence of Pigovian Taxes and Pollution Permits Copyright © 2004 South-Western Quantity of Pollution 0 (b) Pollution Permits Price of Pollution Demand for pollution rights Q Supply of pollution permits 2. . . . which, together with the demand curve, determines the price of pollution. 1. Pollution permits set the quantity of pollution . . . P

Summary ,[object Object],[object Object],[object Object]

Summary ,[object Object],[object Object]

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