Public policy and safety (Chapter 16) With perfect information, the law of supply and demand would produce the “right” amount of protection from dangerous goods and jobs.
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Using up of the earth’s natural wealth. Some resources are renewable (e.g. forests) but nature’s restorative powers cannot work if people are impatient.
Since the mid 70s, Americans have been intermittently uneasy and complacent about their dependence on fossil fuel. Now we are going one of those uneasy cycles and oil prices are once again breaking price records.
There has been much progress regarding alternative forms of energy but frequently the most promising replacements create environmental problems of their own, e.g. nuclear power.