PHIL 2750 Lecture 8: PHIL 2750 - 7:16:18
27 Jul 2018
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Document Summary
Externalizing cost: a cost of production that is not borne by the parties to the transaction. Having the extra sheep in the common, the full cost of the sheep is not borne by person c. Cost of the extra sheep is going to be borne by the third parties that one is not in the transactions. Factory produces products that 88% based on burning fossil fuels that create greenhouse gas that being released in the air (atmosphere) Consumer wants cheap disposable goods by paying factory money. The costs here are rising sea levels, increased extreme weather events, disruption of food supply. When co2 is put into the atmosphere, it stays up there for 50 to 100 years. If coca cola plant wants to produce products to the consumers, it needs water. If there is no regulation of water usage, they draw water from the water table.
