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Another big economics principle that is not discussed often enough with respect to addressing the climate emergency and other environmental issues, though it is probably discussed a bit more often and widely than the other two I mentioned below.

The thing that gets me: a lot of the right-of-center political activists seem to think they are supporting free markets and stand-on-your-own-two-feet capitalistic principles in opposing carbon taxes and other efforts to address environmental issues, but they are doing the opposite. In a free market system, it is the government's assigned job to protect property rights, and if some competitors can simply do massive damage to property without paying a penalty, then this is not a properly administered lawful free market system.

[en.wikipedia.org]
In economics, an externality or external cost is an indirect cost or benefit to an uninvolved third party that arises as an effect of another party's (or parties'😉 activity. Externalities can be considered as unpriced goods involved in either consumer or producer market transactions. Air pollution from motor vehicles is one example. The cost of air pollution to society is not paid by either the producers or users of motorized transport to the rest of society. Water pollution from mills and factories is another example. All consumers are all made worse off by pollution but are not compensated by the market for this damage.

kmaz 7 July 21
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