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>Markets also cannot account for externalities. If those externalities are something you care about (e.g. the environment you live in) - you need regulation. M
by logicchains 9mo ago
>Markets also cannot account for externalities. If those externalities are something you care about (e.g. the environment you live in) - you need regulation.
Markets account for externalities via ownership and torts. This was gutted in the 1800s in the US where a judge ruled people couldn't sue for the impact of environmental pollution, in the name of the "greater good" of industrialization.
- pnut 9mo agoRule of law and precedent are considered quaint and optional now. But this centuries-old decision not encapsulated as a constutional amendment is binding? Nope.
- throwaway132448 9mo agoI'd disagree with the framing of this: The ownership and torts _were_ the regulation. I'm using a narrow definition of "market" that really only concerns supply and demand (because this is what "free market" ideals all revolve around).