Economy, Society and Public Policy
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Essay Question:
The UK government recently announced that it is continuing to ‘freeze’ fuel duty (i.e. not change the current tax on petrol, diesel, and other fuels). Some people think fuel duty should be reduced, whereas others favor a much higher tax. If you were
an independent economic advisor to the UK government, what level of fuel duty would you propose? Provide both theoretical rationales and empirical evidence for your choice, and discuss the advantages, disadvantages, and implications of your proposal.
Relevant readings:
Stiglitz, Joseph E., and Jay K. Rosengard. (2015). Economics of the Public Sector. Norton. (any year/edition will do). Chapter 6: Externalities and the environment
The CORE team. (2019). Economy, Society and Public Policy. Available at: www.core-econ.org/espp . Sections 11.7 to 11.10 Market failure, external effects…
Coase, Ronald (1960), “The problem of social cost” Journal of Law and Economics, vol 3, pp 1-44.
Andersson, Julius J. (2019) “Carbon Taxes and CO 2 Emissions: Sweden as a Case Study.” American Economic Journal: Economic Policy 11(4):1-30.
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