曼昆经济学原理英文版文案加习题答案10章.docx
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曼昆经济学原理英文版文案加习题答案10章
100
Chapter10
Externalities
EXTERNALITIES
WHAT’SNEWINTHESEVENTHEDITION:
ThereisanewIntheNewsfeatureon“WhatShouldWeDoaboutClimateChange.”
LEARNINGOBJECTIVES:
Bytheendofthischapter,studentsshouldunderstand:
Øwhatanexternalityis.
Øwhyexternalitiescanmakemarketoutcomesinefficient.
Øthevariousgovernmentpoliciesaimedatsolvingtheproblemofexternalities.
Øhowpeoplecansometimessolvetheproblemofexternalitiesontheirown.
Øwhyprivatesolutionstoexternalitiessometimesdonotwork.
CONTEXTANDPURPOSE:
Chapter10isthefirstchapterinthemicroeconomicsectionofthetext.Itisthefirstchapterinathree-chaptersequenceontheeconomicsofthepublicsector.Chapter10addressesexternalities—theuncompensatedimpactofoneperson’sactionsonthewell-beingofabystander.Chapter11willaddresspublicgoodsandcommonresources(goodsthatwillbedefinedinChapter11)andChapter12willaddressthetaxsystem.
InChapter10,differentsourcesofexternalitiesandavarietyofpotentialcuresforexternalitiesareaddressed.Marketsmaximizetotalsurplustobuyersandsellersinamarket.However,ifamarketgeneratesanexternality(acostorbenefittosomeoneexternaltothemarket)themarketequilibriummaynotmaximizethetotalbenefittosociety.Thus,inChapter10wewillseethatwhilemarketsareusuallyagoodwaytoorganizeeconomicactivity,governmentscansometimesimprovemarketoutcomes.
KEYPOINTS:
∙Whenatransactionbetweenabuyerandsellerdirectlyaffectsathirdparty,theeffectiscalledanexternality.Ifanactivityyieldsnegativeexternalities,suchaspollution,thesociallyoptimalquantityinamarketislessthantheequilibriumquantity.Ifanactivityyieldspositiveexternalities,suchastechnologyspillovers,thesociallyoptimalquantityisgreaterthantheequilibriumquantity.
∙Governmentspursuevariouspoliciestoremedytheinefficienciescausedbyexternalities.Sometimesthegovernmentpreventssociallyinefficientactivitybyregulatingbehavior.Othertimesitinternalizesanexternalityusingcorrectivetaxes.Anotherpublicpolicyistoissuepermits.Forexample,thegovernmentcouldprotecttheenvironmentbyissuingalimitednumberofpollutionpermits.Theresultofthispolicyislargelythesameasimposingcorrectivetaxesonpolluters.
∙Thoseaffectedbyexternalitiescansometimessolvetheproblemprivately.Forinstance,whenonebusinessimposesanexternalityonanotherbusiness,thetwobusinessescaninternalizetheexternalitybymerging.Alternatively,theinterestedpartiescansolvetheproblembynegotiatingacontract.AccordingtotheCoasetheorem,ifpeoplecanbargainwithoutcost,thentheycanalwaysreachanagreementinwhichresourcesareallocatedefficiently.Inmanycases,however,reachingabargainamongthemanyinterestedpartiesisdifficult,sotheCoasetheoremdoesnotapply.
CHAPTEROUTLINE:
I.Definitionofexternality:
theuncompensatedimpactofoneperson’sactionsonthewell-beingofabystander.
A.Iftheimpactonthebystanderisadverse,wesaythatthereisanegativeexternality.
B.Iftheimpactonthebystanderisbeneficial,wesaythatthereisapositiveexternality.
Givestudentsseveralexamplesofbothpositiveandnegativeexternalities.Usecurrenthealthdebatesorpoliticaltopicstomaintaininterest.
C.Ineithersituation,decisionmakersfailtotakeaccountoftheexternaleffectsoftheirbehavior.
II.ExternalitiesandMarketInefficiency
A.WelfareEconomics:
ARecap
1.Thedemandcurveforagoodreflectsthevalueofthatgoodtoconsumers,measuredbythepricethatthemarginalbuyeriswillingtopay.
2.Thesupplycurveforagoodreflectsthecostofproducingthatgood.
3.Inafreemarket,thepriceofagoodbringssupplyanddemandintobalanceinawaythatmaximizestotalsurplus(thedifferencebetweentheconsumers’valuationofthegoodandthesellers’costofproducingit).
Figure1
B.NegativeExternalities
ALTERNATIVECLASSROOMEXAMPLE:
Acoal-firedpowerplantemitspollutionduringproduction.
1.Example:
Analuminumfirmemitspollutionduringproduction.
2.Socialcostisequaltotheprivatecosttothefirmofproducingthealuminumplustheexternalcoststothosebystandersaffectedbythepollution.Thus,socialcostexceedstheprivatecostpaidbyproducers.
3.Theoptimalamountofaluminuminthemarketwilloccurwheretotalsurplusismaximized.
a.Totalsurplusisequaltothevalueofaluminumtoconsumersminusthecost(socialcost)ofproducingit.
b.Thiswilloccurwherethesocial-costcurveintersectswithdemandcurve.Atthispoint,producingonemoreunitwouldlowertotalsurplusbecausethevaluetoconsumersislessthanthecosttoproduceit.
Figure2
4.Becausethesupplycurvedoesnotreflectthetruecostofproducingaluminum,themarketwillproducemorealuminumthanisoptimal.
Makesurethatstudentsunderstandhowthispollutionbythefirmimposescostsonthirdparties.Pointoutthatthefirmislikelyemittingpollutionbecausethisisthecheapestmethodofproduction.Stressthatthefirmisusingaresourceinproductionthatitisnotpayingfor.
5.Thisnegativeexternalitycouldbeinternalizedbyataxonproducersforeachunitofaluminumsold.
6.Definitionofinternalizinganexternality:
alteringincentivessothatpeopletakeaccountoftheexternaleffectsoftheiractions.
Thisisagoodtimetodiscusswhythegovernmenttaxesgoodslikealcohol,tobacco,andgasoline.Youwillfindthatstudentshaveheardthephrase“sintax,”buttheyoftendonotunderstandwhyeconomistsmightsupportsuchtaxes(giventhedeadweightlossfromtaxesdiscussedinChapter8).
7.IntheNews:
TheExternalitiesofCountryLiving
a.InTheLoraxbyDr.Seuss,urbanizationiscriticizedwhilecountrylivingisconsideredmoreenvironmentallyfriendly.
b.ThisarticlefromTheNewYorkTimesdescribesresearchthatsuggeststhatcitylivingmayinfactbe“greener”becauseoftheuseofpublictransportation.
C.PositiveExternalities
1.Example:
education.
2.Educationyieldspositiveexternalitiesbecausebetter-educatedvotersleadtoabettergovernment.Crimeratesalsodropastheeducationlevelofthepopulationrises.
ALTERNATIVECLASSROOMEXAMPLE:
Thepurchaseofafireextinguisherwhenanindividuallivesinanapartmentcomplex
3.Inthiscase,thedemandcurvedoesnotreflectthesocialvalueofagood.
4.Ifthereisapositiveexternality,thesocialvalueofthegoodisgreaterthantheprivatevalue,andtheoptimumquantitywillbegreaterthanthequantityproducedinthemarket.
5.Tointernalizeapositiveexternality,thegovernmentcoulduseasubsidy.
Figure3
MakesurethatstudentsrealizehowheavilysubsidizededucationisintheUnitedStates–bothprimaryeducationandsecondaryeducation.
6.CaseStudy:
TechnologySpillovers,IndustrialPolicy,andPatentProtection
a.Atechnologyspilloveroccurswhenonefirm’sresearchandproductioneffortsimpactanotherfirm’saccesstotechnologicaladvance.
b.Itisdifficulttomeasuretheamountsoftechnologyspilloverthatoccurandthisleadstoadebateoverwhetherornotthegovernmentshouldpursuepoliciestoencouragetheproductionoftechnology.
c.Patentprotectionisatypeoftechnologypolicyofthegovernmentbecauseitprotectstherightsofinventorswhocreatenewtechnologies.Withoutpatents,therewouldbelessincentivetodevelopnewideasandtechnologies.
III.PublicPoliciestowardExternalities
A.Whenanexternalitycausesamarkettoreachaninefficientallocationofresources,thegovernmentcanrespondintwoways.
1.Command-and-controlpoliciesregulatebehaviordirectly.
2.Market-basedpoliciesprovideincentivessothatprivatedecisionmakerswillchoosetosolvetheproblemontheirown.
B.Command-and-ControlPolicies:
Regulation
1.Externalitiescanbecorrectedbyrequiringorforbiddingcertainbehaviors.
2.IntheUnitedStates,theEnvironmentalProtectionAgency(EPA)developsandenforcesregulationsaimedatprotectingtheenvironment.
3.EPAregulationsincludemaximumlevelsofpollutionallowedorrequiredadoptionofaparticulartechnologytoreduceemissions.
C.Market-BasedPolicy1:
CorrectiveTaxesandSubsidies
1.Externalitiescanbeinternalizedthroughtheuseoftaxesandsubsidies.
2.Definitionofcorrectivetax:
ataxdesignedtoinduceprivatedecisionmakerstotakeaccountofthesocialcoststhatarisefromanegativeexternality.
a.Thesetaxesarepreferredbyeconomistsoverregulation,becausefirmsthatcanreducepollutionwiththeleastcostarelikelytodoso(toavoidthetax)whilefirmsthatencounterhighcostswhenreducingpollutionwillsimplypaythetax.
b.Thus,thistaxallowsfirmsthatfacethehighestcostofreducingpollutiontocontinuetopollutewhileencouraginglesspollutionoverall.
c.Unlikeothertaxes,correctivetaxesdonotcauseareductionintotalsurplus.Infact,theyincreaseeconomicwell-beingbyforcingdecisionmakerstotakeintoaccountthecostofalloftheresourcesbeingusedwhenmakingdecisions.
3.CaseStudy:
WhyIsGasolineTaxedSoHeavily?
a.IntheUnitedStates,almosthalfofwhatdriverspayforgasolinegoestogastaxes.
b.Thisistocorrectforthreenegativeexternalitiesassociatedwithdriving:
congestion,accidents,andpollution.
D.Market-BasedPolicy2:
TradablePollutionPermits
1.Example:
EPAregulationsrestricttheamountofpollutionthattwofirmscanemitat300tonsofglopperyear.FirmAwantstoincreaseitsamountofpollution.FirmBagreestodecreaseitspollutionbythesameamountif
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