Market Failure

Please answer each question as thoroughly as possible, providing rich detail from our lectures, readings, and discussions. 1 PAGE FOR EACH QUESTION!!! The organization of your answers, the complexity of your analysis, and the clarity of your critical thinking are the key elements of your evaluation. The lecture slides are uploaded for you as well.

The following are the questions to prepare for your second exam. On the two exam days we will randomly select among the five questions – the quantity of questions will be determined on exam day. Please answer each question as thoroughly as possible, providing rich detail from our lectures, readings, and discussions. The organization of your answers, the complexity of your analysis, and the clarity of your critical thinking are the key elements of your evaluation. You will need a clean blue book for each day.
1. On Market Failure – We said that the rationale for public policy is either market failure and/or government failure. Address the following with this rationale in mind:
a. Define market failure from the perspective of the economist and government failure from the perspective of the political scientist (recall public choice theory).
i. Which definition best fits the policy problem of the law you are studying for your final paper? Explain why.
b. Market failures are most commonly identified with negative externalities. Provide an example and theoretical illustration/model of this phenomenon as well as a pro and con of government regulation as a corrective measure.
c. Lastly, provide an example of a public good and explain why it is framed within the theory of market failure. Be specific.
2. On Public Policy – We defined public policy as problem resolution of civic affairs of a nation, state, or city.
a. Referring to the policy you are studying for your final paper, select one of the policy foundations as well as one of the policy types discussed in lecture (see slides) that best describes the policy goal.
b. Building upon the policy goal, discuss the political feasibility of the following:
i. What are/were the political hurdles in passing the bill into law?
ii. Identify the major benefit and major cost associated with this law.
iii. Is this law financially feasible – can it pay for itself?
c. American politics has always been about the competition of ideas about what people really want. Referring to the policy you are studying, identify the characteristics of whether your policy is liberal or conservative – or, perhaps it is neither. Explain.
3. On the Philosophy of the State – Civil society has been characterized by the theory of the social contract initially formalized by Thomas Hobbes and John Locke:
a. How do the two philosopher’s visions of the social contract differ? Explain in detail
i. Does your law show evidence of Leviathan reaching into the American public policy domain?
b. Identify the following characteristics of the American social contract:
i. How did the Federalist Papers influence the ratification of the Constitution?
i. What is meant by “if angels were to govern men …”
ii. How does the U.S. government balance power?
iii. How does a bill become a law?
iv. How is a law implemented?
v. How is the constitutionality of a law affirmed?
4. On How Will You Measure Your Life –
a. This question pertains to the HBR article in Course Materials
i. Very simply – please address the following three questions
1. How can I be sure that I’ll be happy in my career?
2. How can I be sure that my relationship with my spouse and family become an enduring source of happiness?
3. How can I be sure I’ll stay out of jail?
ii. Pull from the article do demonstrate a command of the reading while also strengthening your answers to these imperative life questions.
5. Would You Kill the Fat Man?
a. Discuss the trolley experiments Spur and Fat Man with specific reference to how the two have distinct differences within the Doctrine of Double Effect. Additionally, these two thought experiments shed light on each of our philosophers’ approach to ethics – Aristotle, Kant and Mill.
i. Of the three philosophers, who do you think would and who would not kill the Fat Man? Explain in detail.
ii. Finally, trolleyology teaches us the importance of having a set of values and ethics from which to refer when making decisions – especially vital decisions. What can our lessons from the trolley teach us about becoming an effective and moral manager? Pull from the book to support your response.

Sample Solution

ACED ESSAYS