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The Consequences of Ignoring Externalities in Business and Sustainability
In a hundred years, we might view the chaotic era of allowing businesses and consumers to produce and dispose of products without considering consequences. Businesses often ignore the externalities they create, such as waste and deforestation, pushing the cost onto the environment and future generations. The solution lies in embedding these externalities into product prices, but this would increase the cost significantly. Both companies and consumers benefit from this free ride, enjoying cheap consumer products.
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