PAM_2000_Fall_2008_Chapter_18 - Title Mercy Mercy Me(The...

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1 • Title: Mercy Mercy Me (The Ecology) • Artist: Marvin Gaye Economic concept: negative externalities in production (pollution) Representative lyrics: Where did all the blue sky go? Poison is the wind that blows… Oil wasted on the oceans and upon our seas; fish full of mercury… Radiation in the ground and in the sky, animals and birds who live nearby are dying… Oh, mercy mercy me. Oh, things ain't what they used to be PAM 200: Intermediate Microeconomics Prof. John Cawley Chapter 18: Externalities, Commons, and Public Goods
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2 Where We Are Consumer Theory Individual Demand Market Demand Theory of Production Costs of Production Perfect Competition Imperfect Competition: Monopoly Monopolistic Competition Oligopoly Prices General Equilibrium Market Imperfections Factor Markets Strategy Game Theory Outline • Externalities Inefficiency of Competition With Externalities Internalizing Externalities Allocating Property Rights to Reduce Externalities Common Property Public Goods
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