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Biopsychosocial Assessment Identification: At the time of this
intake, client is a 22 year old, African-American bi-sexual
female. History of Present Problem: During that time, I had a
lot of death in the family and trauma I experienced.
Greatgrandfather and two aunts passed away during her teen
years. Two years ago her friend was murdered in front of her.
He was her marijuana dealer. I went back to the home to buy
more and I told him I was there, he didn't come out and I heard
gun shots. I had to talk to officers at the precinct because they
thought we were involved. I try not to talk about it or think
about the whole process. I jump at loud noises
Explain this
Differential Diagnoses
I. Acute Stress Disorder
II. Depression
III. Anxiety
Reflection notes: What would you do differently in a similar
patient evaluation? Reflect on one social determinant of health
according to the HealthyPeople 2030 (you will need to
research) as applied to this case in the realm of psychiatry and
mental health. As a future advanced provider, what are
one health promotion activity and one patient education
consideration for this patient for improving health disparities
and inequities in the realm of psychiatry and mental health?
Demonstrate your critical thinking.
1
Principles of Economics, Ninth Edition
N. Gregory Mankiw
N. Gregory Mankiw, Principles of Economics, 9th Edition ©
2021 Cengage. All Rights Reserved. May not be scanned,
copied or duplicated, or posted to a publicly accessible website,
in whole or in part.
PowerPoint Slides prepared by:
V. Andreea CHIRITESCU
Eastern Illinois University
N. Gregory Mankiw
Principles Of Economics
Ninth Edition
1
Chapter 11
Public Goods and Common Resources
2
N. Gregory Mankiw, Principles of Economics, 9th Edition ©
2021 Cengage. All Rights Reserved. May not be scanned,
copied or duplicated, or posted to a publicly accessible website,
in whole or in part.
The Different Kinds of Goods, Part 1
Excludability
Property of a good whereby a person can be prevented from
using it
Rivalry in consumption
Property of a good whereby one person’s use diminishes other
people’s use
3
N. Gregory Mankiw, Principles of Economics, 9th Edition ©
2021 Cengage. All Rights Reserved. May not be scanned,
copied or duplicated, or posted to a publicly accessible website,
in whole or in part.
The Different Kinds of Goods, Part 2
Private goods
Excludable & Rival in consumption
Public goods
Not excludable & Not rival in consumption
Common resources
Rival in consumption & Not excludable
Club goods
Excludable & Not rival in consumption
One type of natural monopoly
4
N. Gregory Mankiw, Principles of Economics, 9th Edition ©
2021 Cengage. All Rights Reserved. May not be scanned,
copied or duplicated, or posted to a publicly accessible website,
in whole or in part.
Figure 1 Four Types of Goods
5
N. Gregory Mankiw, Principles of Economics, 9th Edition ©
2021 Cengage. All Rights Reserved. May not be scanned,
copied or duplicated, or posted to a publicly accessible website,
in whole or in part.
5
The Different Kinds of Goods, Part 3
Public goods and common resources
Not excludable
People cannot be prevented from using them
Available to everyone free of charge
No price attached to it
External effects
Positive externalities (public goods)
Negative externalities (common resources)
6
N. Gregory Mankiw, Principles of Economics, 9th Edition ©
2021 Cengage. All Rights Reserved. May not be scanned,
copied or duplicated, or posted to a publicly accessible website,
in whole or in part.
The Different Kinds of Goods, Part 4
Public goods and common resources
Private decisions about consumption and production
Can lead to an inefficient allocation of resources
Government intervention
Can potentially raise economic well-being
7
N. Gregory Mankiw, Principles of Economics, 9th Edition ©
2021 Cengage. All Rights Reserved. May not be scanned,
copied or duplicated, or posted to a publicly accessible website,
in whole or in part.
Public Goods, Part 1
Free rider
Person who receives the benefit of a good but avoids paying for
it
The free-rider problem
Public goods are not excludable
Prevents the private market from supplying the goods
Market failure
8
N. Gregory Mankiw, Principles of Economics, 9th Edition ©
2021 Cengage. All Rights Reserved. May not be scanned,
copied or duplicated, or posted to a publicly accessible website,
in whole or in part.
Public Goods, Part 2
Government can remedy the free-rider problem
If total benefits of a public good exceeds its costs
Provide the public good
Pay for it with tax revenue
Make everyone better off
“I like the concept if we can do it with no new taxes.”
9
N. Gregory Mankiw, Principles of Economics, 9th Edition ©
2021 Cengage. All Rights Reserved. May not be scanned,
copied or duplicated, or posted to a publicly accessible website,
in whole or in part.
Public Goods, Part 3
Some important public goods
National defense
Very expensive public good
$744 billion in 2017
Basic research
General knowledge
Subsidized by government
The public sector fails to pay for the right amount and the right
kinds
10
N. Gregory Mankiw, Principles of Economics, 9th Edition ©
2021 Cengage. All Rights Reserved. May not be scanned,
copied or duplicated, or posted to a publicly accessible website,
in whole or in part.
Public Goods, Part 4
Some important public goods
Antipoverty programs financed by taxes
Welfare system (Temporary Assistance for Needy Families
program, TANF)
Provides a small income for some poor families
Food stamps (Supplemental Nutrition Assistance Program,
SNAP)
Subsidize the purchase of food for those with low incomes
Government housing programs
Make shelter more affordable
11
N. Gregory Mankiw, Principles of Economics, 9th Edition ©
2021 Cengage. All Rights Reserved. May not be scanned,
copied or duplicated, or posted to a publicly accessible website,
in whole or in part.
Are Lighthouses Public Goods?, Part 1
Lighthouses
Mark specific locations so that passing ships can avoid
treacherous waters
Benefit: to the ship captain
Not excludable, not rival in consumption
Incentive: free ride without paying
Most are operated by the government
What kind of good is this?
12
N. Gregory Mankiw, Principles of Economics, 9th Edition ©
2021 Cengage. All Rights Reserved. May not be scanned,
copied or duplicated, or posted to a publicly accessible website,
in whole or in part.
Are Lighthouses Public Goods?, Part 2
In some cases
Lighthouses are closer to private goods
Coast of England, 19th century
Lighthouses were privately owned and operated
The owner of the lighthouse charged the owner of the nearby
port
If the port owner did not pay, lighthouse owner turned the light
off: ships avoided that port
13
N. Gregory Mankiw, Principles of Economics, 9th Edition ©
2021 Cengage. All Rights Reserved. May not be scanned,
copied or duplicated, or posted to a publicly accessible website,
in whole or in part.
Are Lighthouses Public Goods?, Part 3
Decide whether something is a public good
Determine who the beneficiaries are
Determine whether the beneficiaries can be excluded from using
the good
A free-rider problem
When the number of beneficiaries is large
Exclusion of any one of them is impossible
14
N. Gregory Mankiw, Principles of Economics, 9th Edition ©
2021 Cengage. All Rights Reserved. May not be scanned,
copied or duplicated, or posted to a publicly accessible website,
in whole or in part.
Public Goods, Part 5
The difficult job of cost–benefit analysis
Government
Decide what public goods to provide
In what quantities
Cost–benefit analysis
Compare the costs and benefits to society of providing a public
good
Doesn’t have any price signals to observe
Government findings: rough approximations at best
15
N. Gregory Mankiw, Principles of Economics, 9th Edition ©
2021 Cengage. All Rights Reserved. May not be scanned,
copied or duplicated, or posted to a publicly accessible website,
in whole or in part.
How Much is a Life Worth?, Part 1
Cost: $10,000 for a new traffic light
Benefit: increased safety
Risk of a fatal traffic accident
Drops from 1.6 to 1.1%
Obstacle
Measure costs and benefits in the same units
Put a dollar value on a human life?
Priceless = infinite dollar value
16
N. Gregory Mankiw, Principles of Economics, 9th Edition ©
2021 Cengage. All Rights Reserved. May not be scanned,
copied or duplicated, or posted to a publicly accessible website,
in whole or in part.
How Much is a Life Worth?, Part 2
Implicit dollar value of a human life
Courts: award damages in wrongful-death suits
Total amount of money a person would have earned if he or she
had lived
Ignores other opportunity costs of losing one’s life
Risks that people are voluntarily willing to take and how much
they must be paid for taking them
Value of human life = $10 million
17
N. Gregory Mankiw, Principles of Economics, 9th Edition ©
2021 Cengage. All Rights Reserved. May not be scanned,
copied or duplicated, or posted to a publicly accessible website,
in whole or in part.
How Much is a Life Worth?, Part 3
Cost–benefit analysis
Traffic light
Reduces risk of fatality by 0.5 percentage points
Expected benefit = 0.005 × $10 million = $50,000
Cost ($10,000) < Benefit ($50,000)
Approve the traffic light
18
N. Gregory Mankiw, Principles of Economics, 9th Edition ©
2021 Cengage. All Rights Reserved. May not be scanned,
copied or duplicated, or posted to a publicly accessible website,
in whole or in part.
ASK THE EXPERTS
Congestion Pricing
“In general, using more congestion charges in crowded
transportation networks — such as higher tolls during peak
travel times in cities, and peak fees for airplane takeoff and
landing slots — and using the proceeds to lower other taxes
would make citizens on average better off.”
19
N. Gregory Mankiw, Principles of Economics, 9th Edition ©
2021 Cengage. All Rights Reserved. May not be scanned,
copied or duplicated, or posted to a publicly accessible website,
in whole or in part.
Common Resources, Part 1
Common resources
Not excludable
Rival in consumption
The tragedy of the commons
Parable that shows why common resources are used more than
desirable
From society’s standpoint
Social and private incentives differ
Arises because of a negative externality
20
N. Gregory Mankiw, Principles of Economics, 9th Edition ©
2021 Cengage. All Rights Reserved. May not be scanned,
copied or duplicated, or posted to a publicly accessible website,
in whole or in part.
Common Resources, Part 2
The tragedy of the commons
Negative externality
One person uses a common resource diminishes other people’s
enjoyment of it
Common resources tend to be used excessively
Government can solve the problem
Regulation or taxes to reduce consumption of the common
resource
Turn the common resource into a private good
21
N. Gregory Mankiw, Principles of Economics, 9th Edition ©
2021 Cengage. All Rights Reserved. May not be scanned,
copied or duplicated, or posted to a publicly accessible website,
in whole or in part.
Common Resources, Part 3
Some important common resources
Clean air and water
Negative externality: pollution
Regulations or corrective taxes
Congested roads
Negative externality: congestion
Corrective tax: charge drivers a tool
Tax on gasoline
22
N. Gregory Mankiw, Principles of Economics, 9th Edition ©
2021 Cengage. All Rights Reserved. May not be scanned,
copied or duplicated, or posted to a publicly accessible website,
in whole or in part.
Common Resources, Part 4
Some important common resources
Fish, whales, and other wildlife
Oceans: the least regulated common resource
Needs international cooperation
Difficult to enforce an agreement
Fishing and hunting licenses
Limits on fishing and hunting seasons
Limits on size of fish
Limits on quantity of animals killed
23
N. Gregory Mankiw, Principles of Economics, 9th Edition ©
2021 Cengage. All Rights Reserved. May not be scanned,
copied or duplicated, or posted to a publicly accessible website,
in whole or in part.
Why the Cow Is Not Extinct, Part 1
Animals with commercial value that are threatened with
extinction
Buffalo
North America
Hunting in the 19th century
Elephants
African countries
Hunting today
“Will the market protect me?”
24
N. Gregory Mankiw, Principles of Economics, 9th Edition ©
2021 Cengage. All Rights Reserved. May not be scanned,
copied or duplicated, or posted to a publicly accessible website,
in whole or in part.
Why the Cow Is Not Extinct, Part 2
The cow
Commercial value
Species continues to thrive
Cows are a private good
Ranches are privately owned
Rancher: great effort to maintain the cattle population on his
ranch
Reaps the benefit
25
N. Gregory Mankiw, Principles of Economics, 9th Edition ©
2021 Cengage. All Rights Reserved. May not be scanned,
copied or duplicated, or posted to a publicly accessible website,
in whole or in part.
Why the Cow Is Not Extinct, Part 3
Elephant - common resource
Poachers are numerous
Strong incentive to kill elephants
Government of Kenya, Tanzania, and Uganda
Illegal to kill elephants and sell ivory
Hard to enforce laws
Decreasing population of elephants
26
N. Gregory Mankiw, Principles of Economics, 9th Edition ©
2021 Cengage. All Rights Reserved. May not be scanned,
copied or duplicated, or posted to a publicly accessible website,
in whole or in part.
Why the Cow Is Not Extinct, Part 4
Government of Botswana, Malawi, Namibia, and Zimbabwe
Made elephants a private good
People can kill elephants on their own property
Landowners have an incentive to preserve the species
Elephant populations have started to rise
27
N. Gregory Mankiw, Principles of Economics, 9th Edition ©
2021 Cengage. All Rights Reserved. May not be scanned,
copied or duplicated, or posted to a publicly accessible website,
in whole or in part.
Importance of Property Rights, Part 1
Market fails to allocate resources efficiently
Because property rights are not well established
Some item of value does not have an owner with the legal
authority to control it
28
N. Gregory Mankiw, Principles of Economics, 9th Edition ©
2021 Cengage. All Rights Reserved. May not be scanned,
copied or duplicated, or posted to a publicly accessible website,
in whole or in part.
Importance of Property Rights, Part 2
The government can potentially solve the problem
Help define property rights and thereby unleash market forces
Regulate private behavior
Use tax revenue to supply a good that the market fails to supply
29
N. Gregory Mankiw, Principles of Economics, 9th Edition ©
2021 Cengage. All Rights Reserved. May not be scanned,
copied or duplicated, or posted to a publicly accessible website,
in whole or in part.
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Biopsychosocial Assessment Identification At the time of this int.docx

  • 1. Biopsychosocial Assessment Identification: At the time of this intake, client is a 22 year old, African-American bi-sexual female. History of Present Problem: During that time, I had a lot of death in the family and trauma I experienced. Greatgrandfather and two aunts passed away during her teen years. Two years ago her friend was murdered in front of her. He was her marijuana dealer. I went back to the home to buy more and I told him I was there, he didn't come out and I heard gun shots. I had to talk to officers at the precinct because they thought we were involved. I try not to talk about it or think about the whole process. I jump at loud noises Explain this Differential Diagnoses I. Acute Stress Disorder II. Depression III. Anxiety Reflection notes: What would you do differently in a similar patient evaluation? Reflect on one social determinant of health according to the HealthyPeople 2030 (you will need to research) as applied to this case in the realm of psychiatry and mental health. As a future advanced provider, what are one health promotion activity and one patient education consideration for this patient for improving health disparities and inequities in the realm of psychiatry and mental health? Demonstrate your critical thinking. 1
  • 2. Principles of Economics, Ninth Edition N. Gregory Mankiw N. Gregory Mankiw, Principles of Economics, 9th Edition © 2021 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. PowerPoint Slides prepared by: V. Andreea CHIRITESCU Eastern Illinois University N. Gregory Mankiw Principles Of Economics Ninth Edition 1 Chapter 11 Public Goods and Common Resources 2 N. Gregory Mankiw, Principles of Economics, 9th Edition © 2021 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. The Different Kinds of Goods, Part 1 Excludability Property of a good whereby a person can be prevented from using it Rivalry in consumption Property of a good whereby one person’s use diminishes other people’s use 3
  • 3. N. Gregory Mankiw, Principles of Economics, 9th Edition © 2021 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. The Different Kinds of Goods, Part 2 Private goods Excludable & Rival in consumption Public goods Not excludable & Not rival in consumption Common resources Rival in consumption & Not excludable Club goods Excludable & Not rival in consumption One type of natural monopoly 4 N. Gregory Mankiw, Principles of Economics, 9th Edition © 2021 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Figure 1 Four Types of Goods 5 N. Gregory Mankiw, Principles of Economics, 9th Edition © 2021 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 5 The Different Kinds of Goods, Part 3
  • 4. Public goods and common resources Not excludable People cannot be prevented from using them Available to everyone free of charge No price attached to it External effects Positive externalities (public goods) Negative externalities (common resources) 6 N. Gregory Mankiw, Principles of Economics, 9th Edition © 2021 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. The Different Kinds of Goods, Part 4 Public goods and common resources Private decisions about consumption and production Can lead to an inefficient allocation of resources Government intervention Can potentially raise economic well-being 7 N. Gregory Mankiw, Principles of Economics, 9th Edition © 2021 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Public Goods, Part 1 Free rider Person who receives the benefit of a good but avoids paying for it The free-rider problem Public goods are not excludable Prevents the private market from supplying the goods Market failure
  • 5. 8 N. Gregory Mankiw, Principles of Economics, 9th Edition © 2021 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Public Goods, Part 2 Government can remedy the free-rider problem If total benefits of a public good exceeds its costs Provide the public good Pay for it with tax revenue Make everyone better off “I like the concept if we can do it with no new taxes.” 9 N. Gregory Mankiw, Principles of Economics, 9th Edition © 2021 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Public Goods, Part 3 Some important public goods National defense Very expensive public good $744 billion in 2017 Basic research General knowledge Subsidized by government The public sector fails to pay for the right amount and the right kinds 10 N. Gregory Mankiw, Principles of Economics, 9th Edition © 2021 Cengage. All Rights Reserved. May not be scanned,
  • 6. copied or duplicated, or posted to a publicly accessible website, in whole or in part. Public Goods, Part 4 Some important public goods Antipoverty programs financed by taxes Welfare system (Temporary Assistance for Needy Families program, TANF) Provides a small income for some poor families Food stamps (Supplemental Nutrition Assistance Program, SNAP) Subsidize the purchase of food for those with low incomes Government housing programs Make shelter more affordable 11 N. Gregory Mankiw, Principles of Economics, 9th Edition © 2021 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Are Lighthouses Public Goods?, Part 1 Lighthouses Mark specific locations so that passing ships can avoid treacherous waters Benefit: to the ship captain Not excludable, not rival in consumption Incentive: free ride without paying Most are operated by the government What kind of good is this? 12 N. Gregory Mankiw, Principles of Economics, 9th Edition © 2021 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website,
  • 7. in whole or in part. Are Lighthouses Public Goods?, Part 2 In some cases Lighthouses are closer to private goods Coast of England, 19th century Lighthouses were privately owned and operated The owner of the lighthouse charged the owner of the nearby port If the port owner did not pay, lighthouse owner turned the light off: ships avoided that port 13 N. Gregory Mankiw, Principles of Economics, 9th Edition © 2021 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Are Lighthouses Public Goods?, Part 3 Decide whether something is a public good Determine who the beneficiaries are Determine whether the beneficiaries can be excluded from using the good A free-rider problem When the number of beneficiaries is large Exclusion of any one of them is impossible 14 N. Gregory Mankiw, Principles of Economics, 9th Edition © 2021 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Public Goods, Part 5 The difficult job of cost–benefit analysis Government
  • 8. Decide what public goods to provide In what quantities Cost–benefit analysis Compare the costs and benefits to society of providing a public good Doesn’t have any price signals to observe Government findings: rough approximations at best 15 N. Gregory Mankiw, Principles of Economics, 9th Edition © 2021 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. How Much is a Life Worth?, Part 1 Cost: $10,000 for a new traffic light Benefit: increased safety Risk of a fatal traffic accident Drops from 1.6 to 1.1% Obstacle Measure costs and benefits in the same units Put a dollar value on a human life? Priceless = infinite dollar value 16 N. Gregory Mankiw, Principles of Economics, 9th Edition © 2021 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. How Much is a Life Worth?, Part 2 Implicit dollar value of a human life Courts: award damages in wrongful-death suits Total amount of money a person would have earned if he or she had lived Ignores other opportunity costs of losing one’s life
  • 9. Risks that people are voluntarily willing to take and how much they must be paid for taking them Value of human life = $10 million 17 N. Gregory Mankiw, Principles of Economics, 9th Edition © 2021 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. How Much is a Life Worth?, Part 3 Cost–benefit analysis Traffic light Reduces risk of fatality by 0.5 percentage points Expected benefit = 0.005 × $10 million = $50,000 Cost ($10,000) < Benefit ($50,000) Approve the traffic light 18 N. Gregory Mankiw, Principles of Economics, 9th Edition © 2021 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. ASK THE EXPERTS Congestion Pricing “In general, using more congestion charges in crowded transportation networks — such as higher tolls during peak travel times in cities, and peak fees for airplane takeoff and landing slots — and using the proceeds to lower other taxes would make citizens on average better off.” 19 N. Gregory Mankiw, Principles of Economics, 9th Edition © 2021 Cengage. All Rights Reserved. May not be scanned,
  • 10. copied or duplicated, or posted to a publicly accessible website, in whole or in part. Common Resources, Part 1 Common resources Not excludable Rival in consumption The tragedy of the commons Parable that shows why common resources are used more than desirable From society’s standpoint Social and private incentives differ Arises because of a negative externality 20 N. Gregory Mankiw, Principles of Economics, 9th Edition © 2021 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Common Resources, Part 2 The tragedy of the commons Negative externality One person uses a common resource diminishes other people’s enjoyment of it Common resources tend to be used excessively Government can solve the problem Regulation or taxes to reduce consumption of the common resource Turn the common resource into a private good 21 N. Gregory Mankiw, Principles of Economics, 9th Edition © 2021 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
  • 11. Common Resources, Part 3 Some important common resources Clean air and water Negative externality: pollution Regulations or corrective taxes Congested roads Negative externality: congestion Corrective tax: charge drivers a tool Tax on gasoline 22 N. Gregory Mankiw, Principles of Economics, 9th Edition © 2021 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Common Resources, Part 4 Some important common resources Fish, whales, and other wildlife Oceans: the least regulated common resource Needs international cooperation Difficult to enforce an agreement Fishing and hunting licenses Limits on fishing and hunting seasons Limits on size of fish Limits on quantity of animals killed 23 N. Gregory Mankiw, Principles of Economics, 9th Edition © 2021 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Why the Cow Is Not Extinct, Part 1 Animals with commercial value that are threatened with
  • 12. extinction Buffalo North America Hunting in the 19th century Elephants African countries Hunting today “Will the market protect me?” 24 N. Gregory Mankiw, Principles of Economics, 9th Edition © 2021 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Why the Cow Is Not Extinct, Part 2 The cow Commercial value Species continues to thrive Cows are a private good Ranches are privately owned Rancher: great effort to maintain the cattle population on his ranch Reaps the benefit 25 N. Gregory Mankiw, Principles of Economics, 9th Edition © 2021 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Why the Cow Is Not Extinct, Part 3 Elephant - common resource Poachers are numerous Strong incentive to kill elephants
  • 13. Government of Kenya, Tanzania, and Uganda Illegal to kill elephants and sell ivory Hard to enforce laws Decreasing population of elephants 26 N. Gregory Mankiw, Principles of Economics, 9th Edition © 2021 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Why the Cow Is Not Extinct, Part 4 Government of Botswana, Malawi, Namibia, and Zimbabwe Made elephants a private good People can kill elephants on their own property Landowners have an incentive to preserve the species Elephant populations have started to rise 27 N. Gregory Mankiw, Principles of Economics, 9th Edition © 2021 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Importance of Property Rights, Part 1 Market fails to allocate resources efficiently Because property rights are not well established Some item of value does not have an owner with the legal authority to control it 28 N. Gregory Mankiw, Principles of Economics, 9th Edition © 2021 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
  • 14. Importance of Property Rights, Part 2 The government can potentially solve the problem Help define property rights and thereby unleash market forces Regulate private behavior Use tax revenue to supply a good that the market fails to supply 29 N. Gregory Mankiw, Principles of Economics, 9th Edition © 2021 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. image27.jpeg image28.png image29.png image30.png image31.png image32.png image1.png image2.png image3.png image25.jpeg image6.png image7.png image26.jpeg image4.png image5.png image8.png image9.png image10.png image11.png image12.png image13.png image14.png image15.png image16.png image17.png