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The displacement of costs into the future as a structural feature of market architecture rather than a regulatory failure. Markets discount future states and optimise for present returns; temporal externalisation is not deviation from market function but expression of it. Future generations have no purchasing power to express preferences.
Carbon emissions impose costs on future populations who have no market mechanism to express their preferences. Markets work as designed—they externalise temporally because nothing in their architecture binds current exchange to future welfare.
MEC Section 3.2