Socialize Profits and Privatize Costs: Funding a Priceless Planet
In the mid-1970s, as a student of environmental economics at George Washington University, I learned a fundamental truth that has haunted me ever since: our economic system knows the price of everything, but the long-term value of nothing. In economics, "externalities" are the unintended consequences of human activity the hidden costs passed on to society while profits are pocketed by a few. We see this play out constantly. Take the opioid crisis: a handful of corporations reaped immense profits from synthetic opioids, leaving taxpayers and communities to bear a trillion-dollar societal cost. Today, humanity risks winning a collective Darwin Award by applying that same broken logic to our natural world. We have monetized virtually every corner of our lives while ignoring the baseline ecological systems that keep us alive. Misplaced Capital in an Aging World We are living through an unprecedented accumulation of global wealth. Baby Boomers alone hold over...