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W21st NYC's List: Business
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Also useful would be to find out whether looking at PowerPoint slides reduces IQ. Again, personal experience shows it most definitely does but it would be helpful to have the data to prove it.
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Even with this restricted vision of costs, they find that the costs of air pollution are big, and heavily concentrated in a few industries. In fact, there are a number of industries that inflict more damage in the form of air pollution than the value-added by these industries at market prices.
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At one level, this is all textbook economics. Externalities like pollution are one of the classic forms of market failure, and Econ 101 says that this failure should be remedied through pollution taxes or tradable emissions permits that get the price right. What Muller et al are doing is putting numbers to this basic proposition — and the numbers turn out to be big. So if you really believed in the logic of free markets, you’d be all in favor of pollution taxes, right?
Hahahahaha. Today’s American right doesn’t believe in externalities, or correcting market failures; it believes that there are no market failures, that capitalism unregulated is always right. Faced with evidence that market prices are in fact wrong, they simply attack the science.
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The U.S. government responded in 2002 by making the offer of terrorism coverage mandatory in most property-insurance contracts, and agreed to reinsure the risk. If an attack causes losses exceeding $100 million, insurers pay a fee and the government then foots 85% of the bill. The industry may be liable to repay some of this, but the amount is only decided after the event.
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