There once was a very rich man who kept a stock of fine silk napkins in his bathroom. He did so because he preferred wiping with silk — pedestrian tissue is so harsh and unforgiving — and also because he could afford to. And so, once a week the servants would bring two bags full of […]
externality
Why we should all be driving a Tata (if we’re lucky)
A few years ago I was jogging along when I came upon a fine fog hovering over the sidewalk. The idiot neighbor was busy spraying his lawn with some kind of carcinogenic chemical to make it green. Good for him. But my lungs bore the brunt of it. Economists refer to that as an externality. An externality is any cost to […]
