#externalities

[engineeringeconomicshub]

Navigating Externalities: Pros, Cons, and Business Considerations"

Externalities, the indirect effects of economic activities on third parties, play a significant role in shaping business landscapes. Here, we explore the pros, cons, and key considerations for businesses in managing and navigating the complexities of externalities. Pros of Externalities for Businesses: Innovation Opportunities: Externalities can spur innovation as businesses respond to…

[omegaphilosophia]

Rethinking Prices: The Hidden Costs of Goods and Services in Our Society

In the current landscape of global commerce, the prices attached to goods and services often fall short of reflecting the true environmental and social costs associated with their production and consumption. This discrepancy stems from a fundamental flaw in our economic system, where externalities—unaccounted costs borne by society as a whole—remain largely absent from market prices. This blog post explores the significant environmental and social costs overlooked by our economic model and proposes solutions to create a more sustainable and equitable economy.

Environmental Costs:

One glaring issue is the failure to include environmental costs in the prices of goods and services. Take the price of a gallon of gasoline, for instance. While it may seem reasonable at the pump, it does not factor in the broader costs of air pollution, climate change, and other ecological impacts. These costs are unfairly shouldered by society, rather than being accounted for by the companies responsible for the production and sale of gasoline.

Social Costs:

Similarly, the prices of goods and services fail to encompass the social costs associated with their production. Consider the price tag on a T-shirt; it does not reflect the hidden expenses of child labor, worker exploitation, and other social and economic injustices. These costs are externalized, impacting society as a whole, while the companies behind the T-shirt profit without being held accountable for these injustices.

Externalities:

Environmental and social costs are commonly referred to as externalities because they are not integrated into market prices. This separation prevents businesses from internalizing these costs and creates a situation where they lack the necessary incentives to address and mitigate the negative impacts of their activities.

Market Failures:

Market failures occur when the market is unable to allocate resources efficiently. In the case of environmental and social externalities, the market allocates resources in ways that harm society rather than benefit it. The failure to internalize externalities contributes to a cycle of environmental degradation and social injustice.

Solutions:

Internalizing Externalities: One effective solution is to make businesses accountable for the environmental and social costs of their activities. This can be achieved through various means, such as imposing taxes, offering subsidies, or implementing regulatory measures that encourage responsible practices.

Public Goods: Public goods, like clean air and water, are essential for society but often overlooked in market pricing. Governments or collective action can play a crucial role in providing and preserving these goods, ensuring their availability to all without depleting their resources.

Community Supported Agriculture (CSA): CSA offers a direct and sustainable connection between consumers and local farmers. By purchasing a share of a farm's harvest, consumers actively support environmentally friendly and socially responsible agricultural practices.

Fair Trade: The Fair Trade movement champions social justice and environmentally sustainable production. Products certified as fair trade adhere to standards that guarantee fair wages for workers and protect the environment. Supporting fair trade encourages responsible consumer choices and promotes ethical business practices.

In addressing the problem of externalities, we pave the way for a more sustainable and equitable economy. By internalizing these hidden costs, whether through regulatory measures, public goods initiatives, community-supported agriculture, or fair trade practices, we can forge a path toward a future where the prices of goods and services align with the values of a healthier environment and a more just society. Through collective action and conscious consumer choices, we can build a more sustainable economic framework that prioritizes the well-being of our planet and its inhabitants.

[watchingwisteria]

listen there really was just something about how in the book, snow’s 3-page descent from hesitant lover boy to deluded mfer happens entirely in his mind. lucy gray gives him no indication whatsoever that she suspects him, that she’s going to leave or betray him. he’s just sitting quietly in the cabin waiting for her to return when that seed of calculated suspicion, which he has needed to survive the capitol, takes a hold of him and chokes the life out of any goodness left inside him. it really drives home your terror as a reader that “oh my god did he kill her? did she escape? what happened to her? why would he even think that?” in a way that when the movie had to adjust for visualization it lost some of that holy shit this guy has lost it emphasis.

[murderandcoffee]

"mr. bonzo is one of our externals" I'm sorry, is that bitch getting PAID?

[pedgito]

JOEL MILLER in every scene — 3/?

[vodid]

little animation <3

[externalmemorycomic]

In honour of webcomic day, here's one of my favourite longer comics I've made, called "the worst ice cream in town". As always, you can find many more comics on my patreon, which is linked in my pinned post.

[kukurubean]

Korean FFXIV Stormblood Promo

[puppetmaster13u]

Prompt 295

So, maybe Danny should have been more specific when he said he wanted to get reincarnated, because this? Is not an ideal situation. 

See he’s fine with being a clone, really, but uh, apparently the scientists want to terminate him- which, like dude, he’s not even melting or actively dying! So what if he failed at their tests, his body is three, give him a break! 

Well, at least it’s given him certainty in getting out, because these are Not good people. He wanted to give them the benefit of the doubt and- hold up, another clone? Brother? Two brothers? One aged up, one in the middle of it- since his own aging-up failed past three? 

Oh hell no, they can’t experiment on his brothers, those are his brothers and living people just as much as he is! Time to break out- and he’s taking those papers thank you- and gonna’ grab his… he’s gonna’ call them his triplets because they’re the same age, just aged differently. 

Now hold his hand, they’re runnin’ to the mountai- oh thank fuck, the physically-oldest of them can fly. To the mountains while they have the cover of night and they can figure things out. At least his life isn’t boring yet…

[teachanarchy]

Watch "The Hidden Price of Climate Change: Crash Course Climate & Energy #11" on YouTube

[jdunlevy]

The New York Times has identified 34 such large-scale operations, known as Bitcoin mines, in the United States, all putting immense pressure on the power grid and most finding novel ways to profit from doing so. Their operations can create costs — including higher electricity bills and enormous carbon pollution — for everyone around them, most of whom have nothing to do with Bitcoin.

Until June 2021, most Bitcoin mining was in China. Then it drove out Bitcoin operations, at least for a time, citing their power use among other reasons. The United States quickly became the industry’s global leader.

In an extension of the labor theory of value, it’s almost like the value of cryptocurrencies comes precisely from the externalities in their production—their “value” is directly proportional to the waste and destruction they cause.

[biggest-gaudiest-patronuses]

anyone else have multiple traumatic memories associated specifically with holidays/family vacations? because that is a topic I never see discussed in all the So You Had A Shitty Childhood, Now What? self-help books i've been reading. but for me, it was a significant thing. and the more i think about it the more it seems like this would be an (unfortunately) common experience. would be grateful to hear if this matches other peoples' experiences...

[poorly-drawn-mdzs]

Lan Wangji goes to Lotus Pier (No relation to the AU of the same name)

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[in-sightpublishing]

Is Education a Public Good?

                Publisher: In-Sight Publishing Publisher Founding: March 1, 2014 Web Domain: http://www.in-sightpublishing.com  Location: Fort Langley, Township of Langley, British Columbia, Canada Journal: In-Sight: Independent Interview-Based Journal Journal Founding: August 2, 2012 Frequency: Three (3) Times Per Year Review Status: Non-Peer-Reviewed Access: Electronic/Digital & Open…

[externalmemorycomic]

(If you wanna read more comics, I’ve posted over 400(!!!!) of them on my patreon where you can read daily comics for just 3€ a month! I use my patreon income for bills and stuff and any contribution makes a really big difference. Check out the link in my pinned post if you want to join!)