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But," continued Eve, "my simplification is justified because it doesn't change the basic point. If they save and we don't, then even if the Js capture only a fraction of the full return, their future standard of living will still exceed ours. The reason is simple. The Js, who own alllabor, land, and capital used in I-Land, will obviously capture the full return on the $40 tractor invested in J-Land. And as long as J savers capture some of the return on the $40 tractor invested in Eden, we will capture only a fraction of the full return.
00. 00. 00 greater than the marginal private cost (MPC) actually paid by producers (sellers) of gasoline. What producers supply, of course, depends only on the MPC-the height of the supply curve equals the MPC they pay. The free market goes to the intersection of D and S, and without any government environmental policy S coincides with MPC, not MSC. So too much gasoline (100 gallons) is sold and used. 1. The free market generates 20 gallons more than the socially optimal amount (lOO instead of 80).
But there's a little practical problem. How can the government get citizens to be honest? " I'm sure you would be honest, but I'll bet you know someone who would understate his true willingness to pay. Economists have tried to invent ingenious techniques to induce citizens to answer honestly. But although some progress has been made, such techniques are not often used. So we must admit that determining the socially optimal amount of pollutant X will be as imperfect, in practice, as determining the optimal amount of national defense or police protection.