"cheaper/faster/easier" has a cost
a cost that's hidden (on purpose)
it's pollution in our lungs & exploitation of people & burning of the planet & degradation of civil society
people don't want to know that
"But it's cheaper and faster and easier!"
that's not the same as good
"it's pollution in our lungs & exploitation of people & burning of the planet & degradation of civil society"
Economists refer to these as "externalities"... often not hidden (air pollution in LA is pretty obvious) as much as unaccounted for...
"Externalities often occur when the production or consumption of a product or service's private price equilibrium cannot reflect the true costs or benefits of that product or service for society as a whole.... since resources can be better allocated, externalities are an example of market failure."
👉 #MarketFailure 👈 is the key concept. So called #FreeMarkets are often incomplete, because not all of the #StakeHolders are at the bargaining table.
https://en.wikipedia.org/wiki/Externality
Even the oft quoted-out-of-context "libertarian" economist #FriedrichHayek allowed that there were some areas of economic activity that could not be addressed by free or open markets... #publichealth and #pollution to name just two.
[Graphic is from an article by Patrick Miner et al 2024.]
@nickrauchen my friend, I have a PhD in Environmental Engineering, I know what externalities are
And yes they are hidden (visible pollution is a small fraction of the pollution you're exposed to and that's just one aspect of the many exploitations built into the system hidden because it greases the way for more consumption)
I defer to you then. My main point is that these sometimes "hidden" or ignored economic effects are key to understanding why the economic world we live in behaves the way it does. Thanks
Sue is Writing Solarpunk 🌞🌱
Richard Rathe