Unveiling the Hidden Costs: How Social Externalities Impact Society's Well-being
The article discusses how people's actions can affect others in ways that aren't always considered in economics. It suggests looking at a wider perspective to understand these impacts, called social externalities. The authors propose different ways to address these effects, like using pricing, moral norms, or cooperative decision-making. They argue that traditional economic analysis may not always capture the full picture of how our actions can influence society. The goal is to encourage more research on how our interconnectedness can lead to positive or negative outcomes.