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Watch the foillowing videos and read the excerpts from the textbook:
Mr. Clifford Externalities (pollution & sugary drinks 3:25):
Mr. Clifford Government Intervention (7:13):
Page 91
Waiting for an organ transplant is an ordeal for patients. Some wait years for a compatible donor organ to become available. Some economists have suggested that offering monetary compensation to organ donors would increase the quantity of supplied of available organs.
Page 96
Although not all crops are subject to binding price floors, those that do face the effects described earlier in which suppliers produce more crops than consumers are willing to buy, creating surplus. Because unsold crops will eventually spoil, the unintended exact of unsold crops resulting from the price floor can lead to lower incomes, the exact opposite of the policy’s objective.
Page 100 The Singapore example
How much time is spent wainting in gridlock traffic in major cities? According to a study by the transportation analytics firm INRIX, in 2018, American drivers spent over 8 billion hours stuck in traffic. Traffic creates an opportunity cost that leads to reduced productivity. Moreover,, traffic jams reduce fuel efficiency and generate more air pollution . . .
Singapore uses an electronic road-pricing system that charges drivers a toll on dozens of its major roads and highways. Unlike traditional toll roads, Singapore’s road charges vary thoughtout the day. During times when roads are less subject to congestion, the fee is very minimal or even zero, while during times
Of the day when roads are likely to be congested, the fee is higher. As it becomes more expensive to drive during the certain periods of the day, drivers are incentivized to drive less, to drive during off-peak times, or to find alternative means of transportation. The outcome is a road system that is less promne to congestion, reducing inefficiency.
This is a normative discusion in which you will need to defend your comments economically. Think about organ donation, the agricultural market, traffic congestion, and pollution.
Please discuss and explain your reasoning for the following:
Why would unregulated markets result in inefficient societal outcomes in these specific examples?
What harm is there in inefficient outcomes to society?
Should the government intervene in the economy?
What is the upside and/or downside of government intervention, keeping in mind the concepts discussed in chapter 4?
Can you think of  other instances when you would fully endorse government intervention? Defend your example.
All of the supplemental media must be incorporated.


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