How can we internalize Costs of Environmental Degradation?

Time  cost  of  a product  –  includes  numerous  factors  like  effect  of  pollution,  the depletion of energy and raw materials, social costs, etc.

If these  costs  are  internalized  (added  to  the  price),  then  the  cost  can be  charged directly to the beneficiary of the degradation of environment.

It is better to make the user to pay for all its costs than to levy higher taxes.

An acceptable mechanism for price fixing must be found by the engineer with the help of the economist, scientist, lawyer and politician which could protect the environment through self-correcting procedures.

Good design practices may give better environmental protection without added cost.