Negative Externalities Quotes & Sayings

If you're in a system where you must make profit in order to survive. You are compelled to ignore negative externalities, effects on others. — Noam Chomsky

(P162) The great blessing of private property, then, is that people can benefit from their own industry and insulate themselves from the negative effects of others' actions. It is like a set of invisible mirrors that surround individuals, households or firms, reflecting back on them the consequences of their acts. The industrious will reap the benefits of their industry, the frugal the consequences of their frugality; the improvidant and the profligate likewise. They receive their due, which is to say they experience justice as a matter of routine. Private property institutionalises justice. This is its great virtue, perhaps dwarfing all others. We may say with the economists that private property "internalizes the externalities," or with the philosophers that it gives rise to "social justice. — Tom Bethell

In neo-classical economic theory, it is claimed without evidence that people are basically self-seeking, that they want above all the satisfaction of their material desires: what economists call "maximising utility". The ultimate objective of mankind is economic growth, and that is maximized only through raw, and lightly regulated, competition. If the rewards of this system are spread unevenly, that is a necessary price. Others on the planet are to be regarded as either customers, competitors or factors of production. Effects upon the planet itself are mere "externalities" to the model, with no reckoning of the cost - at least for now. Nowhere in this analysis appears factors such as human cooperation, love, trust, compassion or hatred, curiosity or beauty. Nowhere appears the concept of meaning. What cannot be measured is ignored. But the trouble is that once our basic needs for shelter and food have been met, these factors may be the most important of all. — Carne Ross