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Externalities reveal that no action exists in isolation — every transaction ripples outward, creating costs or benefits that the price mechanism fails to capture. The deepest insight is that most of civilization's greatest problems (climate change, antibiotic resistance, social media addiction) are fundamentally mispriced externalities. When you learn to see externalities, you realize that 'efficient markets' are often just systems that have successfully externalized their true costs onto those with the least power to object.
