Instructions:
Write a short 350-word op-ed/paper for your local newspaper arguing for a specific government policy that you think will decrease the economic costs of the Covid-19 pandemic and make society as a whole better off (domestic or international)The paper should include citations from at least 3 peer-reviewed journals in addition to other sources.
Assignment
1. This assignment focuses on the ECONOMIC COST of COVID-19 and on the specific market failures that justify government intervention to mitigate inefficiencies. These government interventions/mechanisms include economic shutdowns, mandates on individual behavior (mask wearing), testing, travel restrictions, and subsidies for vaccine development and treatment. The market failures that are emphasized are externalities, asymmetric information, public goods, market frictions, and uncertainty.
2. Describe both the benefits (cost reductions) and costs (cost increases) associated with your policy proposal.
3. Be specific about the market failures.
4. Describe why you think a government intervention would do better.
TIP: The goal of this assignment is to apply the concepts of economic efficiency and market failure while at the same time being persuasive. Your op-ed will be evaluated based on the application of economic concepts, how persuasive it is, and whether or not the arguments provided were effective.