Reading 2: Externalities and the Ubiquity of Market Failure

Rod Hill & Tony Myatt

1. On page 154, the authors Rod Hill and Tony Myatt write: ‘[Externalities] threaten to make the planet uninhabitable for many species, perhaps eventually including our own.’ What are the costs (harmful effects) of negative externalities? Highlight an example from the reading.

Write at least a paragraph (5 to 8 sentences) response for each question.

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