UK to ban Petrol and Diesel cars by 2040
The article reports the decision by British Government to ban Diesal and Petrol cars by 2040 to minimise the damage to environment, costs to the local government and lives of people.
Topics covered are Market Failure, Marginal Social Cost, Marginal Private Cost , Negative Externalities and Sustainable Development. Explain using diagrams of Negative externalities of Production and consumption along with Government’s action.
Evaluation will include implications of this decision in terms of costs , practical applicability and the impact on consumers , existing producers and society. Elaborate on the role of government, extent of Government Intervention, other preventive methods to counter negative externalities in short term and long term.