US /ˌekstɜ:r'nælətɪ/
・UK /ˌekstɜ:'nælətɪ/
If someone creates negative externalities on private land but doesn't pay the full price of such externality, we need to turn to the third solution.
If someone creates negative externalities on private land but doesn't pay the full price of such externality, we need to turn to the third solution.
And the economists kept telling me that climate change and the use of global resources and the environment, it's an externality.
And I could not accept that everything on which the economy depends, we could call an externality.
So it was kind of the same as the classic James Bond torture scene where he's being tortured and he can just take it and I don't care. But then they bring in somebody that he cares about, somebody that he loves, and that's when they break. It was this externality that I can kind of handle the cost that I need to pay myself, but being the reason for a cost that somebody else has to pay, kind of a special type of pain.
It was this externality that I can kind of handle the costs that I need to pay myself,
But because we have an unpriced externality in the cost of gasoline, we're pricing in the environmental effects of CO2 in the oceans and atmosphere.
But because we have an un-priced externality