> But I imagine the majority of externalities could be accounted for if we tried. The irony is if you actually came close to achieving that (e.g. accounting fo

> But I imagine the majority of externalities could be accounted for if we tried. The irony is if you actually came close to achieving that (e.g. accounting for all externalities in the market price), you'd have something like central planning. That's why externalities are usually managed through other mechanisms. Also, externalities are only one kind of market failure.