What Is The Most Prominent Negative Externality

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The most prominent negative externality is the pollution made from the production of goods. When market failure occurs, the government can implement a pollution tax to reduce pollution made by large companies. On 1 July 2012, the Australian government introduced a carbon pricing scheme which planned to tax $23 per tonne of emitted CO2-e (Carbon dioxide equivalent) and to reduce greenhouse gas emissions by encouraging companies who polluted the air with emissions to increase energy efficiency and to invest in sustainable energy. By taxing companies who cause pollution and by using subsidies to encourage other forms of environmentally friendly forms of energy production, both the government and the environment can benefit. However, besides having

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