Question 1.
250 words with 2 peer supported scholarly resource.
Assessment Description
Some economists, like Ronald Coase, argue that many public-good problems would be resolved by expanding private property rights (see Property Rights, Excludability, and Externalities on page 110 of Stiglitz & Rosengard, 2015). Could chronic air pollution in the Valley of the Sun be mitigated by auctioning off air rights? How would that work? Assess the feasibility of such a proposal.
Question 2.
250 words with 2 peer supported scholarly resource.
Assessment Description
Read Rent Control and Agricultural Price Supports: Case Studies in Government Failure (in Stiglitz and Rosengard, 2015, p. 211). What are the four (4) major reasons for government failure? Briefly explain each. Which of the four (4) apply to explain the excess demand created by the imposition of rent controls on New York City apartments after World War II? Explain both what excess demand and rent controls are.
Requirements: 250 words
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