Write an essay (~6-8 pages) on a specific public good or externality — for example, one described in chapters 5, 6, and 7 of Gruber. You may select a public
good or externality that is not mentioned in the text too. In addition to describing and explaining the nature of the market failure, the assignment should
analyze and compare alternative approaches to remedying the economic inefficiencies and any distributional issues related to the market failure.
M2 Readings and Resources:
Read/review chapters 5, 6, 7, and 10 in Gruber.
Costanza, Robert, et. al. “The Value of the World’s Ecosystem Services and Natural Capital.” Nature vol. 387, May 15, 1997, pp. 253-60.
Costanza, Robert, et. al., “Twenty Years of Ecosystem Services: How Far Have We Come and How Far Do We Still Need to Go?” Ecosystem Services,
September 2017.
Coase, R. H. “The Lighthouse in Economics.” Journal of Law and Economics, University of Chicago Press, Vol. 17, No. 2 (Oct., 1974), pp. 357-376. .
Tax Policy Center, “What is a Carbon Tax?” Tax Policy Center Briefing Book, 2020.
Anomaly, Jonathan, “Public Goods and Education,” in Philosophy and Public Policy, edited by Andrew I. Cohen, Rowman and Littlefield Publishing, 2018.
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