Again, from Project Syndicate (link), a phrase of interest by Michael Spence (Prof. at the Stern School of Business, NYU; link):
A interesting analogy.
The article 'The Global Security Deficit' can be found here.
'...in a way, the current global environment is a classic case of negative externalities. The localized costs of suboptimal behavior – the ones one might expect to be internalized – fall well short of the overall global costs.'
A interesting analogy.
The article 'The Global Security Deficit' can be found here.
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