This is your first writing assignment of the term. This exercise is worth 10 points with the allocation of points indicated next to each part of the assignment below. Please access the PDF on Canvas of the Bloomberg News article “Markets Don’t Work for Everything download” by Noah Smith from August 10th, 2017.

Read the article and use it as a starting point for issues thinking about markets being pushed to fix all social problems (recall Myth #2 from our first lecture in Module 1).

After reading please develop a brief (1250 word minimum; points will be deducted for not meeting this requirement) essay (typed and double-spaced) that address the following ideas:

First, identify an example of an environmental good or ecosystem service where a market does not currently exist (1 point).
Using your example, carefully explain the following:

What is the market failure? Describe the reason for creating a market in the first place? (2 points)
Identify and discuss at least one (1) pro and one (1) con of creating a market for the environmental good you have chosen? (2 points)
What are the assumptions needed to make your new market function? (2 points)
support your arguments with three (3) pieces of evidence, which must include at least one (1) popular press news article and one (1) academic journal article. (3 points)