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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.

 

Struggling with where to start this assignment? Follow this guide to tackle your assignment easily!

Writing an op-ed about the economic costs of the COVID-19 pandemic and proposing a government policy to address these costs can be challenging, but with the right approach, it becomes manageable. Follow this guide to break down the task systematically.

1. Understand the Prompt

Your goal is to argue for a specific government policy that can reduce the economic costs of the COVID-19 pandemic and make society better off. This policy can be domestic or international. You are expected to use peer-reviewed journals and other credible sources to back up your arguments.

2. Research the Economic Costs of COVID-19

Before you make a policy recommendation, understand the economic impact of the pandemic. Key areas to research include:

• Job losses and business closures
• Impact on global trade and supply chains
• Government spending on stimulus packages and healthcare systems

Make sure to cite at least three peer-reviewed journals and credible sources that discuss the economic implications of the pandemic.

3. Identify Market Failures

Explain why government intervention is necessary by identifying market failures that contribute to the inefficiencies caused by the pandemic. Some key market failures to consider are:

• Externalities: The pandemic’s spread affects not only those who are infected but also those who are not (e.g., through lockdowns and healthcare costs).
• Asymmetric Information: People may have insufficient information about the virus, leading to poor health decisions.
• Public Goods: Vaccination and herd immunity are examples of public goods that are underprovided by the market.

4. Propose a Specific Government Policy

Based on your research, propose a policy that addresses one or more of the identified market failures. You can suggest policies like:

• Subsidies for COVID-19 vaccination: To encourage higher vaccination rates, reducing the spread of the virus.
• Government-mandated testing: To provide better information about the virus spread.
• Travel restrictions or lockdowns: To mitigate the economic and health impacts of virus transmission.

Be specific about how the policy will reduce economic costs and why government intervention is the best solution.

5. Discuss Benefits and Costs

You need to balance the benefits (cost reductions) and costs (cost increases) of your policy proposal. For example:

• Benefits: Reduced healthcare costs, fewer lockdowns, and restored economic activity.
• Costs: Government spending on vaccine subsidies, initial economic strain due to mandates or restrictions.

Make sure to weigh these benefits and costs critically to present a well-rounded argument.

6. Conclusion

Wrap up by summarizing your argument and reinforcing why your proposed policy is the best solution to mitigate the economic costs of the pandemic. Reinforce how your policy addresses the market failures you identified and highlight its potential long-term benefits.

7. Follow APA Formatting

Ensure your op-ed follows APA style:

• Use in-text citations when referencing studies or data.
• Include a reference list with at least four credible sources, including peer-reviewed journals.

8. Edit and Proofread

Finally, edit your work to ensure clarity and avoid any errors. Ensure your writing is persuasive, well-organized, and free from grammatical mistakes.

By following this guide, you’ll be able to craft a thoughtful, well-supported op-ed that addresses both economic theory and practical policy solutions. Good luck!

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