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    1,2,3,4,5,6,7,8,9,10,11
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Слайды и текст к этой презентации:

№1 слайд
Содержание слайда:
№2 слайд
Externalities
Содержание слайда: 10 Externalities
№3 слайд
Recall Adam Smith s invisible
Содержание слайда: Recall: Adam Smith’s “invisible hand” of the marketplace leads self-interested buyers and sellers in a market to maximize the total benefit that society can derive from a market. But market failures can still happen.
№4 слайд
EXTERNALITIES AND MARKET
Содержание слайда: EXTERNALITIES AND MARKET INEFFICIENCY An externality refers to the uncompensated impact of one person’s actions on the well-being of a bystander. Externalities cause markets to be inefficient, and thus fail to maximize total surplus.
№5 слайд
EXTERNALITIES AND MARKET
Содержание слайда: EXTERNALITIES AND MARKET INEFFICIENCY An externality arises... . . . when a person engages in an activity that influences the well-being of a bystander and yet neither pays nor receives any compensation for that effect.
№6 слайд
EXTERNALITIES AND MARKET
Содержание слайда: EXTERNALITIES AND MARKET INEFFICIENCY When the impact on the bystander is adverse, the externality is called a negative externality. When the impact on the bystander is beneficial, the externality is called a positive externality.
№7 слайд
EXTERNALITIES AND MARKET
Содержание слайда: EXTERNALITIES AND MARKET INEFFICIENCY Negative Externalities Automobile exhaust Cigarette smoking Barking dogs (loud pets) Loud stereos in an apartment building
№8 слайд
EXTERNALITIES AND MARKET
Содержание слайда: EXTERNALITIES AND MARKET INEFFICIENCY Positive Externalities Immunizations Restored historic buildings Research into new technologies
№9 слайд
Figure The Market for Aluminum
Содержание слайда: Figure 1 The Market for Aluminum
№10 слайд
EXTERNALITIES AND MARKET
Содержание слайда: EXTERNALITIES AND MARKET INEFFICIENCY Negative externalities lead markets to produce a larger quantity than is socially desirable. Positive externalities lead markets to produce a smaller quantity than is socially desirable.
№11 слайд
Welfare Economics A Recap The
Содержание слайда: Welfare Economics: A Recap The Market for Aluminum The quantity produced and consumed in the market equilibrium is efficient in the sense that it maximizes the sum of producer and consumer surplus. If the aluminum factories emit pollution (a negative externality), then the cost to society of producing aluminum is larger than the cost to aluminum producers.
№12 слайд
Welfare Economics A Recap The
Содержание слайда: Welfare Economics: A Recap The Market for Aluminum For each unit of aluminum produced, the social cost includes the private costs of the producers plus the cost to those bystanders adversely affected by the pollution.
№13 слайд
Figure Pollution and the
Содержание слайда: Figure 2 Pollution and the Social Optimum
№14 слайд
Negative Externalities The
Содержание слайда: Negative Externalities The intersection of the demand curve and the social-cost curve determines the optimal output level. The socially optimal output level is less than the market equilibrium quantity.
№15 слайд
Negative Externalities
Содержание слайда: Negative Externalities Internalizing an externality involves altering incentives so that people take account of the external effects of their actions.
№16 слайд
Negative Externalities
Содержание слайда: Negative Externalities Achieving the Socially Optimal Output The government can internalize an externality by imposing a tax on the producer to reduce the equilibrium quantity to the socially desirable quantity.
№17 слайд
Positive Externalities When
Содержание слайда: Positive Externalities When an externality benefits the bystanders, a positive externality exists. The social value of the good exceeds the private value.
№18 слайд
Positive Externalities A
Содержание слайда: Positive Externalities A technology spillover is a type of positive externality that exists when a firm’s innovation or design not only benefits the firm, but enters society’s pool of technological knowledge and benefits society as a whole.
№19 слайд
Figure Education and the
Содержание слайда: Figure 3 Education and the Social Optimum
№20 слайд
Positive Externalities The
Содержание слайда: Positive Externalities The intersection of the supply curve and the social-value curve determines the optimal output level. The optimal output level is more than the equilibrium quantity. The market produces a smaller quantity than is socially desirable. The social value of the good exceeds the private value of the good.
№21 слайд
Positive Externalities
Содержание слайда: Positive Externalities Internalizing Externalities: Subsidies Used as the primary method for attempting to internalize positive externalities. Industrial Policy Government intervention in the economy that aims to promote technology-enhancing industries Patent laws are a form of technology policy that give the individual (or firm) with patent protection a property right over its invention. The patent is then said to internalize the externality.
№22 слайд
PRIVATE SOLUTIONS TO
Содержание слайда: PRIVATE SOLUTIONS TO EXTERNALITIES Government action is not always needed to solve the problem of externalities.
№23 слайд
PRIVATE SOLUTIONS TO
Содержание слайда: PRIVATE SOLUTIONS TO EXTERNALITIES Moral codes and social sanctions Charitable organizations Integrating different types of businesses Contracting between parties
№24 слайд
The Coase Theorem The Coase
Содержание слайда: The Coase Theorem The Coase Theorem is a proposition that if private parties can bargain without cost over the allocation of resources, they can solve the problem of externalities on their own. Transactions Costs Transaction costs are the costs that parties incur in the process of agreeing to and following through on a bargain.
№25 слайд
Why Private Solutions Do Not
Содержание слайда: Why Private Solutions Do Not Always Work Sometimes the private solution approach fails because transaction costs can be so high that private agreement is not possible.
№26 слайд
PUBLIC POLICY TOWARD
Содержание слайда: PUBLIC POLICY TOWARD EXTERNALITIES When externalities are significant and private solutions are not found, government may attempt to solve the problem through . . . command-and-control policies. market-based policies.
№27 слайд
PUBLIC POLICY TOWARD
Содержание слайда: PUBLIC POLICY TOWARD EXTERNALITIES Command-and-Control Policies Usually take the form of regulations: Forbid certain behaviors. Require certain behaviors. Examples: Requirements that all students be immunized. Stipulations on pollution emission levels set by the Environmental Protection Agency (EPA).
№28 слайд
PUBLIC POLICY TOWARD
Содержание слайда: PUBLIC POLICY TOWARD EXTERNALITIES Market-Based Policies Government uses taxes and subsidies to align private incentives with social efficiency. Pigovian taxes are taxes enacted to correct the effects of a negative externality.
№29 слайд
PUBLIC POLICY TOWARD
Содержание слайда: PUBLIC POLICY TOWARD EXTERNALITIES Examples of Regulation versus Pigovian Tax If the EPA decides it wants to reduce the amount of pollution coming from a specific plant. The EPA could… tell the firm to reduce its pollution by a specific amount (i.e. regulation). levy a tax of a given amount for each unit of pollution the firm emits (i.e. Pigovian tax).
№30 слайд
PUBLIC POLICY TOWARD
Содержание слайда: PUBLIC POLICY TOWARD EXTERNALITIES Market-Based Policies Tradable pollution permits allow the voluntary transfer of the right to pollute from one firm to another. A market for these permits will eventually develop. A firm that can reduce pollution at a low cost may prefer to sell its permit to a firm that can reduce pollution only at a high cost.
№31 слайд
Figure The Equivalence of
Содержание слайда: Figure 4 The Equivalence of Pigovian Taxes and Pollution Permits
№32 слайд
Figure The Equivalence of
Содержание слайда: Figure 4 The Equivalence of Pigovian Taxes and Pollution Permits
№33 слайд
Summary When a transaction
Содержание слайда: Summary When a transaction between a buyer and a seller directly affects a third party, the effect is called an externality. Negative externalities cause the socially optimal quantity in a market to be less than the equilibrium quantity. Positive externalities cause the socially optimal quantity in a market to be greater than the equilibrium quantity.
№34 слайд
Summary Those affected by
Содержание слайда: Summary Those affected by externalities can sometimes solve the problem privately. The Coase theorem states that if people can bargain without a cost, then they can always reach an agreement in which resources are allocated efficiently.
№35 слайд
Summary When private parties
Содержание слайда: Summary When private parties cannot adequately deal with externalities, then the government steps in. The government can either regulate behavior or internalize the externality by using Pigovian taxes or by issuing pollution permits.
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