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Econ/Micro

In: Business and Management

Submitted By marcusims
Words 345
Pages 2
Marcus Sims

Professor McDermott

Microeconomics

2 February 2014

Video Report Week 4

a. How is Economics used to reduce Pollution under this process, explain?

Economics is used to reduce pollution under this process due to corrective tax. This is a tax designed to induce private decision makers to take account of the social costs that arise from negative externality. Economists prefer these taxes on pollution because they reduce pollution at a lower cost to society. The higher the tax, the larger the reduction in pollution. If the tax were to become to high (which could be regulated) some factories could be shut down, minimalizing the amount of pollution that is being poured out into our environment which can result is other alternatives for a cleaner environment. This can also give incentives to these factories to develop cleaner facilities because by doing so it would lower their pollution taxes that they would have to pay

b. Is it better to let the Market set the Price of Pollution, or to have Government set the Level of the Fine for those who pollute, explain? (125-175 words).

In my opinion, for the sake of the environment, I believe government regulation is the best way to put a “price” on pollution. The government cant fine those who use certain forms of transportation. In the transportation market (boats, trains, air carriers, etc.) they need fuel. It would be one of those not so simple situations where the government would have to fine them for using their forms of transportation. With a regulation in place, the government needs to know the details about specific industries and the alternative technologies that those industries could adopt. Some industries we solely rely on even with their emissions that threat our environment. This wouldn’t be as difficult for the regulators to obtain due to the amount of technology we have today to make things more eco-efficient. III. Locate on the Internet, and cite/post the URL, an article on a related topic as this assignment.

http://belfercenter.hks.harvard.edu/publication/2900/greening_of_americas_taxes.html

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