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Consumptionomics by Chandran Nair

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Market failings

The great thing about markets, suggests Paul Krugman, is that they ‘create decentralized incentives to do the right thing’.2 We know what the right thing is: creating sustainable societies by slashing the environmental impact of humanity. So how exactly do the markets do this or create incentives to do this?

Advocates of markets say the answer can be found in their unique ability to supply products and services that meet people’s wants and needs at the best possible price. Supported by a minimal legal infrastructure to guarantee property rights and contracts, markets provide the incentive for companies and individuals to harness the resources of people, materials and capital to produce whatever the world wants in the most efficient ...

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