曼昆《经济学原理》10externalities--(汉魅hanmei—经济金融类汇总分享)

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1、4THEECONOMICSOFTHEPUBLICSECTOR10ExternalitiesRecall:AdamSmith’s“invisiblehand”ofthemarketplaceleadsself-interestedbuyersandsellersinamarkettomaximizethetotalbenefitthatsocietycanderivefromamarket.Butmarketfailurescanstillhappen.EXTERNALITIESANDMARKETINEFFICIENCYAn

2、externalityreferstotheuncompensatedimpactofoneperson’sactionsonthewell-beingofabystander.Externalitiescausemarketstobeinefficient,andthusfailtomaximizetotalsurplus.EXTERNALITIESANDMARKETINEFFICIENCYAnexternalityarises......whenapersonengagesinanactivitythatinfluen

3、cesthewell-beingofabystanderandyetneitherpaysnorreceivesanycompensationforthateffect.EXTERNALITIESANDMARKETINEFFICIENCYWhentheimpactonthebystanderisadverse,theexternalityiscalledanegativeexternality.Whentheimpactonthebystanderisbeneficial,theexternalityiscalledapo

4、sitiveexternality.EXTERNALITIESANDMARKETINEFFICIENCYNegativeExternalitiesAutomobileexhaustCigarettesmokingBarkingdogs(loudpets)LoudstereosinanapartmentbuildingEXTERNALITIESANDMARKETINEFFICIENCYPositiveExternalitiesImmunizationsRestoredhistoricbuildingsResearchinto

5、newtechnologiesFigure1TheMarketforAluminumCopyright©2004South-WesternQuantityofAluminum0PriceofAluminumEquilibriumDemand(privatevalue)Supply(privatecost)QMARKETEXTERNALITIESANDMARKETINEFFICIENCYNegativeexternalitiesleadmarketstoproducealargerquantitythanissocially

6、desirable.Positiveexternalitiesleadmarketstoproducealargerquantitythanissociallydesirable.WelfareEconomics:ARecapTheMarketforAluminumThequantityproducedandconsumedinthemarketequilibriumisefficientinthesensethatitmaximizesthesumofproducerandconsumersurplus.Ifthealu

7、minumfactoriesemitpollution(anegativeexternality),thenthecosttosocietyofproducingaluminumislargerthanthecosttoaluminumproducers.WelfareEconomics:ARecapTheMarketforAluminumForeachunitofaluminumproduced,thesocialcostincludestheprivatecostsoftheproducersplusthecostto

8、thosebystandersadverselyaffectedbythepollution.Figure2PollutionandtheSocialOptimumCopyright©2004South-WesternEquilibriumQuantityofAluminum0PriceofAlumin