It is good to have an idea of WHAT IT COULD HAVE BEEN and link it today with the current consequences of AVOIDING A FIX and manage ACTIVE distortions instead.

Have you ever read this article?

Muñoz, Lucio, 2017. Is Environmental Externality Management a Correction of Adam Smith’s Model to Make it Environmentally Friendly and Shift it Towards Green Markets or is it a Distortion on Top of Another Distortion?. International Journal of Economics, Business and Management Studies, 4(1): 1-16.

https://www.researchgate.net/publication/309463581_Is_Environmental_Externality_Management_a_Correction_of_Adam_Smith's_Model_to_Make_It_Environmentally_Friendly_and_Shift_it_Towards_Green_Markets_or_Is_It_a_Distortion_on_Top_of_Another_Distortion?_tp=eyJjb250ZXh0Ijp7ImZpcnN0UGFnZSI6ImhvbWUiLCJwYWdlIjoic2VhcmNoIiwicG9zaXRpb24iOiJwYWdlSGVhZGVyIn19

https://www.researchgate.net/publication/313854049_Is_Environmental_Externality_Management_a_Correction_of_Adam_Smith's_Model_to_Make_It_Environmentally_Friendly_and_Shift_it_Towards_Green_Markets_or_Is_It_a_Distortion_on_Top_of_Another_Distortion?_tp=eyJjb250ZXh0Ijp7ImZpcnN0UGFnZSI6ImhvbWUiLCJwYWdlIjoic2VhcmNoIiwicG9zaXRpb24iOiJwYWdlSGVhZGVyIn19