本文主要讲述从背景、原因、市场等各方面来阐述南京西方道路重建，英语论文题目，进一步说明重建西方的道路的意义，产生的收益将增加公民的生活质量,因为它会方便的交通和蓬勃发展的业务以及提供公民更好的对神奇的大自然的风景。
Background introduction:
On April 28, 2017, Nanjing City Project Construction Committee announced that the main road in the west end, called West Road, which first came into construction in 1996 and built as an overpass, would be reconstructed into a tunnel. According to the reconstruction project, the 6.13-kilometer West Road would have three new tunnels and one reconstructed. It would follow the standards of fast lane, which means few traffic lights and changed into 6 lanes oriented north and south.
What urged the government come out of this project at that time?
First of all, the limited traffic capacity of the former overpass. According to the original design of the West Road, it should carried 4800 vehicles per hour in two lanes both in south and north directions, which at present barely could meet the need let alone rapidly increasing need as a result of three newly put into use roads crossing the West Road in east and west directions. Sever traffic congestion has caused a large number of traffic accidents, statistically 30 accidents a day, which in turn will make the situation worse.
Secondly, the poor traffic had produced its by-products, that was noise as well as air pollution, which took its toll on the nearby citizens’ health.
Nevertheless, the new West Road was expected to play an important role in booming the economy the west end.
Finally, going through the west end, where possessed most beautiful natural scenes of Nanjing, the New West Road would provide the passengers with delightful visual enjoyment and thus help the city to build up better city image.
Current situation:
Though the reconstruction project had raised heated argument among the citizens, who mostly regarded it as a waste of taxpayers’ money as the overpass had been put in use for 10 years, only one-sixth of the planned service life, the reconstruction went on as planned. On July 15, 2017, after nearly two-year waiting, the new West Road began to open to the public. Despite traffic jam on certain spot of the road, it’s said that the capacity of the new West Road should increase 40%-50%, which means driving from Gu Pinggang to Ji Qingmen only costs 6 minutes at the speed of 60 kilometers per hour. Also, with more smooth traffic both the noise and air pollution has been significantly reduced. For the citizens, more than 650 days’ waiting may positively worth it.
Analysis:
Market Failure
Market failure, is an economic term that encompasses a situation where, in any given market, the quantity of a product demanded by consumers does not equate to the quantity supplied by suppliers. This is a direct result of a lack of certain economically ideal factors, which prevents equilibrium.[ Kenneth J. Arrow (1969). "The Organization of Economic Activity: Issues Pertinent to the Choice of Market versus Non-market Allocations," in Analysis and Evaluation of Public Expenditures: The PPP System, Washington, D.C., Joint Economic Committee of Congress. PDF reprint as pp. 1-16 (press /).]
Market failures are often associated with information asymmetries, non-competitive markets, principal–agent problems, externalities, or public goods. The existence of a market failure is often used as a justification for government intervention in a particular market
Public goods, “Free-rider”, Externalities[ Tyler Cowen, 2017, Public Goods and Externalities, The concise encyclopedia of economics, 2nd edition
]
Public goods have two distinct aspects—"non-excludability" and "non-rivalrous consumption."
Non-excludability means that nonpayers cannot be excluded from the benefits of the good or service. If an entrepreneur stages a fireworks show, for example, people can watch the show from their windows or backyards. Because the entrepreneur cannot charge a fee for consumption, the fireworks show may go unproduced, even if demand for the show is strong.
The fireworks example illustrates the "free-rider" problem. Even if the fireworks show is worth ten dollars to each person, no one will pay ten dollars to the entrepreneur. Each person will seek to "free-ride" by allowing others to pay for the show, and then watch for free from his or her backyard. If the free-rider problem cannot be solved, valuable goods and services, ones that people want and otherwise would be willing to pay for, will remain unproduced.
The second aspect of public goods is what economists call non-rivalrous consumption. Assume the entrepreneur manages to exclude non-contributors from watching the show (perhaps one can see the show only from a private field). A price will be charged for entrance to the field, and people who are unwilling to pay this price will be excluded. If the field is large enough, however, exclusion is inefficient because even nonpayers could watch the show without increasing the show's cost or diminishing anyone else's enjoyment. That is non-rivalrous competition to watch the show.
Externalities occur when one person's actions affect another person's well-being and the relevant costs and benefits are not reflected in market prices. A positive externality arises when my neighbors benefit from my cleaning up my yard. If I cannot charge them for these benefits, I will not clean the yard as often as they would like. (Note that the free-rider problem and positive externalities are two sides of the same coin.) A negative externality arises when one person's actions harm another. When polluting, factory owners may not consider the costs that pollution imposes on others. Policy debates usually focus on free-rider and externalities problems, which are considered more serious problems than non-rivalrous consumption.
Traffic congestion is an example of market failure. In this case, the main reason accounting for this is that West Road is a typical public good.
Public roads are common resources that are available for the entire population's use, and act as a complement to cars (the more roads there are, the more useful cars become). Because there is very low cost but high benefit to individual drivers in using the roads, the roads become congested, decreasing their usefulness to society. It gets worse if it’s free to drive and everyone will try to exploit the benefits, just like in legal holidays when the highways are free, most of the individuals will choose to travel by car.
Furthermore, driving can impose hidden costs on society, as a form of negative eternality, like air and noise pollution, shorter life span, which will reduce the social total welfare.
The West Road, a public good, thanks to its characteristic-"non-excludability", market-like behavior of individual gain-seeking does not produce efficient results. Precisely speaking, production of a well-equipped road results in positive externalities, which are not remunerated according to the definition of Eternality. However, in economics, it’s assumed that any microeconomic agency is rational economic man and will pursue the utility maximization. As private organizations don't reap all the benefits of the road which they have produced, their incentives to produce it voluntarily might be insufficient. When the road is free to pass, or charging considerably little fee, passengers can take advantage of public goods without contributing sufficiently to their creation, thus emerging the so called free rider problem, or occasionally, the "easy rider problem" (because consumers' contributions will be small but non-zero). When all the passengers decide to 'free-ride', private costs exceed private benefits and the incentive to provide the good or service through the market disappears, so there will be no private parties willing to build or update the road. What’s more, when the roads get congested, driving on the road will also have negative eternality, as one more car drive onto the overpass will lead to longer time for the other to get down it.
In the nutshell, West Road, as a public good, its non-excludability will cause free rider problem, which prevent the private organizations to build or update the road. Meanwhile, traffic congestion had created negative eternality and so damaging the citizens’ social welfare, but it can’t be promoted through the market. Though citizens might had not realized that, market failure was damaging their health and happiness.
And that’s why the Nanjing government decided to interfere the market and made a difference. As private organizations won’t build or update the road even though there is the need, it’s up to the government to observe, plan, build and maintain the road. In the meantime, government should pay attention to the negative eternality that traffic congestion caused, which can’t be corrected by the market through price mechanism. So government planted trees on both sides of the road, set baffles to reduce the noise and air pollution. What’s more, government plays an important role in creating positive, which just as the negative eternality can’t be promoted with price mechanism. Reconstructing the West Road will certainly generates benefits which will increasing citizen’s life quality, as it will convenient the traffic and booming the business as well as providing citizens better view of the amazing scenery of the nature. In a word, Nanjing government has tried their best to overcome the market failure, and citizens’ two-year waiting totally worth it.
References:
Anthony de Jasay, The Failure of Market Failure. Part II. The Public Goods Dilemma, Reflections from Europe, November 6, 2017
Tyler Cowen, 2017, Public Goods and Externalities, The concise encyclopedia of economics, 2nd edition
Kenneth J. Arrow (1969). "The Organization of Economic Activity: Issues Pertinent to the Choice of Market versus Non-market Allocations," in Analysis and Evaluation of Public Expenditures: The PPP System, Washington, D.C., Joint Economic Committee of Congress. PDF reprint as pp. 1-16 (press /).
^ a b c Gravelle, Hugh; Ray Rees (2017). Microeconomics. Essex, England: Prentice Hall, Financial Times. pp. 314–346.
^ a b Mankiw, Gregory; Ronald Kneebone, Kenneth McKenzie, Nicholas Row (2017). Principles of Microeconomics: Second Canadian Edition. United States: Thomson-Nelson. pp. 157–158.
^ Weimer, David; Aidan R. Vining (2017). Policy Analysis: Concepts and Practice. Prentice Hall.
^ Mankiw, N. Gregory (2017). Brief Principles of Macroeconomics. South-Western Cengage Learning. pp. 10–
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