Subjectivity, Opportunity Cost, and the Problem of Externalities
Subjectivity, Opportunity Cost, and the Problem of Externalities

Author(s): David Howden
Subject(s): Economy, Energy and Environmental Studies, Environmental interactions
Published by: Addleton Academic Publishers
Keywords: Externalities; subjectivity of costs; climate change; positive and negative impacts;
Summary/Abstract: Economists are in broad agreement that the cost of something is best defined as a foregone opportunity. Since any opportunity foregone will be specific to the individual, the resultant cost will also be specific. From here it follows that all costs must be subjective.

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