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Economics of Landfills
The disposal landfill waste is a necessary job that creates many environmental externalities. Externalities are costs and benefits that arise when the social or economic activities of one group have an impact on another. Externalities can be either positive or negative, creating either benefits or costs to something other than the creator of the externality who usually fails to fully account for their impact.
From the definition of Pollution, all pollution causes externalities. In fact, Pollution itself is a very common negative externality – it is a byproduct of production. A Company that pollutes loses no money in doing so, but society must pay heavily to take care of the problem pollution caused.
The problem this creates is that companies do not fully measure the economic costs of their actions. They do not have to subtract these costs from their revenues, which means that profits inaccurately portray the company's actions as positive. This can lead to inefficiency in the allocation of resources.
Externalities associated with landfill waste include costs related to greenhouse gases causing climate change, costs of conventional air pollutants and some airborne toxic substances
causing (e.g. health effects), costs of
Approximate Word count = 1470
Approximate Pages = 6 (250 words per page double spaced)
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