Steven D. Levitt Quote
ONCE YOU STRIP AWAY the religious fervor and scientific complexity, an incredibly simple dilemma lies at the heart of global warming. Economists fondly call it an externality. What’s an externality? It’s what happens when someone takes an action but someone else, without agreeing, pays some or all the costs of that action. An externality is an economic version of taxation without representation. If you happen to live downwind from a fertilizer factory, the ammonium stench is an externality
Steven D. Levitt
ONCE YOU STRIP AWAY the religious fervor and scientific complexity, an incredibly simple dilemma lies at the heart of global warming. Economists fondly call it an externality. What’s an externality? It’s what happens when someone takes an action but someone else, without agreeing, pays some or all the costs of that action. An externality is an economic version of taxation without representation. If you happen to live downwind from a fertilizer factory, the ammonium stench is an externality
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