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Endangered EconomiesHow the Neglect of Nature Threatens Our Prosperity$
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Geoffrey Heal

Print publication date: 2016

Print ISBN-13: 9780231180849

Published to Columbia Scholarship Online: January 2019

DOI: 10.7312/columbia/9780231180849.001.0001

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Market Mistakes and How Unpaid-For External Effects Are Killing Us

Market Mistakes and How Unpaid-For External Effects Are Killing Us

Chapter:
(p.15) 2 Market Mistakes and How Unpaid-For External Effects Are Killing Us
Source:
Endangered Economies
Author(s):

Geoffrey Heal

Publisher:
Columbia University Press
DOI:10.7312/columbia/9780231180849.003.0002

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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