Micro Foundations of Markets and Behaviour - Economics Assignment Help

Assignment Task

You are an economist, and part of an inter-disciplinary team set-up within the purview of the office of the French Presidency. Thus your focus should be on the situation as it impacts on France only.

Your task, within the inter-disciplinary team, is as follows:

Part A

(i) To evaluate (graphically and in words, no calculations necessary) the impact of the following policy option: a subsidy for nuclear energy production in order to boost the energy mix and thus reduce the reliance on oil and gas. This is particularly relevant for France as it already has nuclear power as part of its energy mix. Explicitly note the impact on buyers (i.e. consumers), sellers (i.e. producers) and on the quantity of nuclear energy used in the event the subsidy is introduced.

(ii) Find a historical case (anywhere in the world) where a policy was enacted to subsidise an energy source to reduce dependency on one form of energy, and summarise the effectiveness (or ineffectiveness) of the policy. Note why it succeeded (or failed), and how it could inform how effective (or ineffective) the theory you have presented in part (i) could be.

Part B

Upon reporting your evaluation to your inter-disciplinary team members, you begin to receive feedback from other disciplinary perspectives. One particular strong objection to the subsidy policy on nuclear energy comes from the team member with a background in environmental studies, who points out, in particular, the need to meet Sustainable Development Goal (SDG) 7.2: Increase Global Percentage of Renewable Energy. She points out that France has an opportunity to add renewable energy (for example, solar power) to the energy mix in France, and to help meet SDG 7.2 targets.

(i) Given your analysis in Part A, consider the strengths and weaknesses of concentrating just on economic theory alone when formulating policy on France’s energy mix. How does economic theory help policymakers with energy policy, and what are its limitations?

(ii) Your team members and you agree to formulate an energy policy that can reduce French dependency on oil and gas in the very short-term (the Northern Hemisphere winter is quickly approaching) that accounts for both economic theories and/or models but also one (or two, if you prefer) theories and/or models from another discipline (or disciplines) that can produce a policy recommendation that is superior to what you highlighted in Part A(i). Briefly highlight this policy and note how it is a better policy than the one you initially proposed.

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