Smoking is a pervasive habit with profound repercussions for individual well-being and society. The crux of the issue lies in market failure, where cigarette companies offer their products at a price lower than the optimal societal cost.

Moreover, one of the most glaring negative externalities of smoking pertains to its colossal impact on healthcare. Not only do smoking-related maladies, including lung cancer, heart disease, and respiratory ailments, generate exorbitant medical expenses and necessitate extensive care, but these costs are also not confined to the individuals; rather, they are reluctantly shouldered by society through public insurance and healthcare systems.

Even more so, smoking's repercussions transcend personal health and seep into the realm of productivity. Smokers tend to take more sick days, exhibit reduced work efficiency, and face a higher likelihood of disability or premature death, consequently triggering economic losses.

The environmental ramifications of smoking are frequently underestimated but are nonetheless substantial. The production of cigarettes in factories contributes to pollution and deforestation, and discarded cigarette butts emerge as a significant source of litter, posing fire hazards and contributing to environmental degradation.

Nonetheless, the onus falls on the government to rectify this market failure through effective policies that could mitigate the market failure and steer society closer to the point of desired equilibrium. Market-based approaches like taxation and tradable permits can elevate private costs for tobacco companies, and public campaigns and anti-smoking initiatives targeted at institutions can deter the adoption of this harmful habit from the outset. In summation, smoking is far more than a personal choice as it engenders profound negative externalities that have a pervasive impact on society. The government should play a role in implementing measures like taxes, smoke-free policies, robust public health campaigns, and accessible smoking cessation programs so that negative externalities of smoking can be reduced, and the overall welfare of their citizens enhanced.

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