Progressive Faith Sermons - Dr. Roger Ray

The Economics of Externalities

Dec. 4, 2016

Economics is not a hard science. Economists sometimes try to make us believe that it is and they do equip their textbooks and classroom lectures with impressive charts and graphs but an economist will call things like the fish in the ocean and the trees in a forest an “externality” that has no value. In truth, as philosopher Alan Watts has written, money doesn’t exist, it is just a concept. We must begin to think about intrinsic value of things like clean water and air, the value of farmland and forests, beyond what they would bring in the marketplace.

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