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S E16: Externalities - The Full Cost of the Choices we make
Think Like An Economist
How to Deal With Negative Externalities
Cigarettes are taxed heavily in many countries. A lot of countries have band smoking in public places to deal with the negative externality of non smokers having to breathe in on hand smoke and risk illness. The science is clear that carbon emissions contribute to climate change. Most economists think we should deal with climate change by putting a price on thenegative externality, which is carbon.
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