670. Beeconomics 101

Last week, we made an episode about the bourbon industry. One thing we didn't get into is the fact that the consumption of alcohol generates what an economist would call negative externalities. This just means that something you do can impose a negative cost on me. Like if you drink too much bourbon and then you get in your car and drive, you raise the risk for me and everybody else on the road. Economists have many examples of negative externalities, but positive externalities don't get as much airtime, which is a shame because there are some good ones, like education, vaccination, also honey bees.

I'm serious. But when it comes to honeybees and especially the making of honey, all is not well. Honey is more popular than ever, but the industry is very lightly regulated, which makes it vulnerable to fraud. Honey has for years been one of the top three most frauded foods in the world.

It's milk, olive oil, and honey. So what if the honey in your cupboard is not actually honey? Do you care? You like the taste? Do you care if it's not authentic?

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