Market Mistakes and How Unpaid-For External Effects Are Killing Us
Market Mistakes and How Unpaid-For External Effects Are Killing Us
External costs are pervasive, and have been of concern to society since the Middle Ages at least. Examples discussed are oceanic dead zones, overfishing and coral death, deforestation, antibiotic resistance, ozone depletion and acid rain. They result from a failure of the market as it currently operates to reflect external costs, a failure which can be readily overcome.
Keywords: Pigou, Coase, Adam Smith, external cost, dead zone, ozone depletion, deforestation, antibiotic resistance, acid rain
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