Thursday, April 16, 2015

Hiding in plain sight, the big secret of capitalist economics: Externalities

Grist: "The notion of “externalities” has become familiar in environmental circles. It refers to costs imposed by businesses that are not paid for by those businesses. For instance, industrial processes can put pollutants in the air that increase public health costs, but the public, not the polluting businesses, picks up the tab. In this way, businesses privatize profits and publicize costs."

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