Accounting


Externalities. The term has been hidden within Economics since the beginning of its study of human endeavor and its look for potential ways to measure our activities. It’s been there since the first human error in judgment, the first break with the world of pure instinct, our first attempts to outsmart the balanced books that were our pre-human inheritance. The behavior was there, but until a profession created a meretricious term for it; giving these blunders a safe place to hide on our balance sheets, we were ashamed, or at least embarrassed by these holes in our understanding of how our accounts broke down.