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Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050

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BuyFindarrow_forward

Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050
Textbook Problem

What are corrective taxes? Why do economists prefer them to regulations as a way to protect the environment from pollution?

To determine
Why the economist prefers corrective tax for protecting the environment from pollution.

Explanation

Corrective tax is enacted for reducing negative externality. The production of goods emits pollutants in the environment, which leads to different kinds of pollution like air pollution, water pollution, and so forth, that causes many environmental issues and health problems for the people who live near the production area...

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