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- Individual decisions impact broader community in terms of resource scarcity and externalities.
- Balancing individual profit motives with sustainable resource management is crucial to prevent environmental degradation.
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Externalities: Impact of Decisions on Others
The podcast delves into the concept of externalities, highlighting how individual decisions, such as water usage by pistachio farmers, can have significant effects on others. The example of farmers drilling deep wells to grow water-intensive crops like pistachios showcases how actions, seemingly individual, create ripple effects on the broader community. By exploring the term 'externalities,' the episode emphasizes the interconnected nature of economic decisions and the broader impact beyond the immediate actors involved.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode