Earlier quoted context omitted.
Erm, the entire point of a simple metric (money) is so that complex processes don't have to be understood top-down to be managed. From first principles, the more technologically complex a society gets, the more you would expect its priorities to be weighed with money. Now please, don't take this as an endorsement that we should let externalities go unchecked, or even that governance should shirk basic understanding o…
I can't think of a single instance, from the last 200 years, where money alone has achieved the appropriate constraint of a process, product or industry. All the significant milestones in health and safety have been from hard won regulation and money - not just taxation, but penalties and fines. Usually accompanied by enormous effort and spending from industry to lie, cheat and avoid said regulation being enacted, or…
Money upset the mobile phone business which was a lazy cartel controlled by carriers, who functioned as monopsony customers of phone manufacturers. Europe's market was more dynamic than the the US and Japan due to regulation but still the phones weren't amazing. Then about a decade ago Apple blew up not just the design of phones but more importantly IMHO the relationships between the end users, manufacturers, and the carriers.
I cite this as a proof that it can happen but in general I think regulation to manage externalities is underused due to ideology. Yet as a businessperson I don't consider regulation inherently evil -- in fact, for example, a safety reg which applies to everyone doesn't disadvantage any one company.