Geography High School

Please describe the negative externality from this case and broadly describe the ways to internalise the externality.
"There was a ferry wharf and it was the one and only way to cross the river for millions of people. There are so many restaurants and other businesses at the wharf. Speedboats are also a way to cross the river for many people. But a bridge was built and the ferry wharf lost its customers. So many businesses like hotels, speedboat services, and shops are being shut down and the economy of this wharf is now a disaster."

Answers

Answer 1

The poor externality in this case is the terrible effect on corporations and the neighborhood economy because of the construction of the bridge. The ferry wharf, which become the number one transportation hub and supply of sales for lots groups, suffered a full-size loss of customers and subsequent closures of lodges, speedboat offerings, and shops.

To internalize this externality and mitigate its negative outcomes, several techniques can be taken into consideration:

Compensation: The government or responsible party can provide reimbursement or monetary help to the affected agencies and people to help them recover and transition to new opportunities.

Infrastructure improvement: Investment in alternative infrastructure or centers close to the ferry wharf can appeal to new companies and sports, promoting an economic boom and presenting alternative resources for employment.

Diversification: Encouraging affected corporations to diversify their services or products to conform to changing circumstances can assist them continue to exist and thrive in the new aggressive landscape.

Economic incentives: Introducing incentives, including tax breaks or presents, for agencies to stay within the vicinity or put money into new ventures can help maintain nearby companies and stimulate economic pastime.

Community development tasks: Implementing community development applications, which include task training, talent development, and entrepreneurial assistance, can empower affected individuals to explore new financial possibilities and rebuild the local financial system.

By internalizing the poor externality, efforts may be made to mitigate the unfavorable outcomes and foster sustainable monetary development in the affected region.

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