If full environmental costs were embedded into consumer products pricing, then the price of high environmental cost consumer products would rise, making them less affordable and so their consumption would fall. Rampant consumerism is unaffordable to the planet anyway. But what we pay for consumer items is artificially subsidised by leaving out the environmental impact costs. Throughout the 19th and 20th Centuries, developed countries have partied with free lunches, and now we are learning that there is not such thing long term. The planet and its nature is now paying for that free lunch. We need only read the next article below by Bandicoot 12th November, 'Are we witnessing the death of our planet?'
Conspicuous consumption and decadence deserves taxing, because its costs are destructive on the planet and need to be curbed.