Summary: Many economists think of the world as a great big marketplace. But sometimes, there are costs in the marketplace that aren't being paid by anyone. For example, when a factory makes widgets, and in the process also creates air pollution for people halfway around the globe. These costs are called externalities. How do you put a price tag on the future health of a hypothetical person half a world away? In this episode of The Invisible hand, you'll hear how some of those costs are being tallied up, and why many economists say there's one everyday product we've all been getting far too cheaply, for far too long.
