Markets are great at determining prices for many things, but I would argue they fail in measuring environmental costs.
Not because capitalism is fundamentally flawed, but because we simply don’t have the information and incentives in place to value environmental consequences.
We have more technology at our disposal than ever before, but it’s still not enough. Luckily the world never stays still. Innovation pushes forward and computing power gets cheaper every year.
Maybe what we need is more data, better sensors and more efficient algorithms.
While it’s easy to say “let the market work!” it’s much harder to think about the technology that needs to exist for us to truly comprehend the costs of our actions. Until then, the market doesn’t work because it’s oblivious to a fundamental piece of the puzzle.