Externalities

Until we put a price on social and environmental impacts, the market will continue to undervalue social and natural capital. Usually, this means applying the ‘polluter pays’ principle through fines, tariffs and taxes, but externalities can also be positive. In the UK, the new Agriculture Bill proposes ‘public money for public goods’. If approved, this will mean that land managers (most often, farmers) will be paid for delivering environmental benefits and ecosystem services, such as species conservation, habitat restoration or a reduction in greenhouse gas emissions. This move could transform agriculture and be a great boon for biodiversity.

— Wayne Visser

From Purpose Inspired: Reflections on Conscious Living, Volume 4. Buy on Lulu ↗