Environmental econ problem – either a public good or an externality problem – for which, so far, no solution had been found. You should explain precisely why the example you choose is an environmental problem, using economic insight and your knowledge from the course. Once you have identified the causes of the problem, you should come up with two potential solutions, which can be regulations or cooperative solutions. You should discuss the pros and the cons of these solutions that you come up with. Finally, you should conclude by addressing why these solutions you identified had not been implemented.
To summarize, the short paper should contain three parts:
1. Description of the environmental problem and its causes
2. Policy recommendations
3. Reasons why these policies had not been implemented
Creativity and economic insight are important for this short paper. One crucial aspect lies in the selection of the environmental problem. You need to identify a very precise problem. One example could be “Water access and consumption for Californian farmers during the current drought’’: as you know, farmers were not imposed water cuts in the recent restrictions, so this is a public good problem that remains unsolved. You cannot just recommend imposing water cuts in this case. You will have to understand the system of water access and rights in California, the specificities of farming, and the historical and technical reasons why it is impossible to impose these cuts. Then you will have to use your imagination, and your knowledge of the course, to create potential regulations that could work in this context. If the reasons why these policies had not been implemented are mostly political, for instance, you need to show how important the votes of Californian farmers are, and if there are specific ties with the state government. You must find arguments and examples that support your view, and be as precise as possible.
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