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1. Explains both common measures and common goals. Include:

a. Examples of each

b. Distributional aspects

c. Efficiency aspects

2. Propose which policy is the “best” solution for the problem and explain why it is the


a. Is it most economically efficient? Is it equitable? etc.  2022 latest answers

3. Considers unintended consequences of your proposed policy solution

Goals of this Essay:

●Demonstrate understanding of externalities and the role public policy can play in

correcting them

●Build ability to critically compare and contrast policies in terms of different economic

metrics, such as efficiency

○How do people argue that one policy is “better” than another? What supports each


●Recognize the difference between externalities and unintended consequences