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Fair enough point.

I would argue that you can't really take issue with calling it a subsidy unless you're willing to take issue with the unpriced externalities.

If a government refuses to price them in it's effectively the same as directly subsidizing the present generations at expense of future ones.




I agree, however to ensure everyone knows what is being talked about, it should be called unpriced externalities, not “subsidies”. Overloading the word like that, without indicating that is what is happening, is begging for misunderstandings.




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