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Nov 26, 2007

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Nate Custer

Mike,

Have you read David Korten's Post-Corperate World? He makes a simular arguement, that for markets to work effectively good laws are required.

Do you think laws that require a corperation to bear the costs of polution it makes on a community are fair? Korten argues that the economics costs are passed off unfairly to governments and municpalities and thus are information the markets do not have in effectivly setting prices and/or shaping demand.

Nate

Michael W. Kruse

I haven't read Korten but I agree with your general argument here. The devil is in the details. Determining what the cost of an actual externality is tricky. Costs not allocated to the business become a subsidy but if costs are over allocated they become a penalty, hurting the economy.

Take the CO2 induced warming theory. Is CO2 an inconsequential contributor to warming temps or not? If it is a contributor, then is the change in climate of neglible or catasrophic importance? Now set a price.

These are some of the challenges.

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