Economic activity should be governed within the earth’s biophysical limits, and markets should no longer treat the use of ecological capacity as if it were unlimited and free. Replacement of “externalities” by “Planetary Boundaries” From a microeconomic perspective, I do not think the two concepts are substitutes. They address different…
planetary boundaries
the new healthy global economy
From “externalities” to global binding markets for “Planetary Boundary” resources
Overture Within economics you can find the concept of an “externality“. “In economics, an externality is a cost or benefit to an uninvolved third party that arises as an effect of another party’s (or parties’) activity. Many externalities can be considered as unpriced components that are involved in either consumer or producer consumption.”…