Essay: Project Why is it that some laws and policies that almost all economists think are misguided (eg protectionism, fossil fuel subsidies, rent control, the Jones Act) attract popular support and are very hard to reverse?

Requirements: 

What we score:

71%

Our Writer’s Comment 

1. Start with a Clear Introduction

Begin by clearly defining the topic. Explain why these policies are generally seen as misguided by economists. Briefly introduce the examples you’ll focus on—protectionism, fossil fuel subsidies, rent control, etc. Mention that the context is the UK, and highlight the importance of understanding why such policies persist despite economic consensus against them. Your introduction should outline the structure of your essay, so the reader knows what to expect.

2. Explore the Appeal of These Policies

In your first section, analyze why these policies attract popular support. Consider the psychological, political, and social factors. For instance, protectionism can appeal to national pride and job protection, even if it’s economically inefficient. Rent control might be popular because it seems to offer immediate relief to tenants facing high housing costs, despite its long-term drawbacks. Discuss how these policies address short-term concerns that are more tangible to the public than the abstract economic principles that oppose them.

3. Examine the Political Economy

Next, delve into the political economy aspect. Discuss how these policies benefit specific interest groups who have the power and influence to keep them in place. For example, fossil fuel subsidies might persist because they benefit powerful industries and provide jobs in certain regions, making them difficult for politicians to oppose. Highlight how politicians may support these policies to gain or maintain votes, despite their economic inefficiency.

4. Discuss the Challenges in Reversing These Policies

In this section, explore why these policies are hard to reverse. Consider factors like the status quo bias, where people prefer things to stay the same, and the fear of the unknown that might come with policy changes. Also, discuss how vested interests resist changes, and how the benefits of misguided policies are often concentrated, while the costs are dispersed across a larger, less organized group.

5. Use Diagrams and Graphs

If applicable, include diagrams or graphs to illustrate key points. For example, you might use a supply and demand graph to show how rent control creates shortages, or a subsidy diagram to show how fossil fuel subsidies distort market prices. Visual aids can help clarify complex concepts and strengthen your argument.

6. Conclude Strongly

Wrap up by summarizing your main points and reiterating why these policies persist despite being economically flawed. Suggest possible ways to address these challenges, such as better public education on economic principles or gradual policy changes that mitigate the shock of reversing these policies.

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