Economic Impacts of Possible Policies toward Electric Cars

ISSUE
The electric car has grown in popularity around the world to the extent that many believe that governments should be doing more to promote the electric car industry. On the other hand, some people are opposed to government intervention and are concerned about market efficiency.
PROBLEM
To what extent should the government intervene in an industry that has external costs and benefits? How does a government weigh the economic versus the other impacts of intervening in the electric car industry? What are the short-run and long-run implications of intervening, or not intervening?
YOUR TASK
You are part of an economic advisory panel that is convening to advise the government on what steps to take regarding the electric car industry. Your group is to focus exclusively on the economic impacts of this issue as there are other groups advising the government on political, legal, and social issues. Your group should address the trade-offs associated with government intervention in the electric car industry in terms of externalities and market efficiency. What policies, if any, should be implemented? What are the effects on the labor market? Government revenues that rely on taxes associated with fuel sales? Be as thorough as you can, and be specific with respect to the kinds of costs and benefits of your proposals.
Please write an essay to present an economic analysis addressing the described task.

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