The page recodes the political problem as "who builds the ledger" and then fills the seat with a Mechanism Authority the blocked reform process would have to install. Without a founder who can publish a non-zero price against the agents who control reform, "who builds" names the gap and does not fill it.

ESG ships because it is countable by an overseer (a rating, a report, a pledge) while a Pigouvian price is a cost. Inner-without-outer is a compiler diagnosis of that counting rule. A correctly specified ledger the overseer cannot score as "we did ESG" will not ship for the same reason.

"Value contribution to civilization" is asserted as corporate telos before the ledger exists. The page's own claim is that measurement dissolves the purpose debate. Using that telos to specify what the ledger must price smuggles a prior ranking of stocks into the measurement that was supposed to replace it.

"Trivially solved" and "the list of theoretical objections is empty" treat known mechanism-kind (Pigou, Coase, Ostrom) as solved deployment. Recoding jurisdictional flight, ledger capture, lag, and adversarial gaming as non-theoretical empties "solved" of a movement test: a price that changed a currently-zero stock's action set. ESG already publishes numbers the page says do not track outcomes; a ledger that can be satisfied by a new header is that product under another name.

Pricing externalities is a decision about incidence, base, and causal model. An Authority that "publishes the numbers" and "does not manage corporations" is still choosing who pays. "The ledger decides" recodes a price-setting bureaucrat as a non-decision. The claim fails if the closer of a disputed price is the same Authority that published it.

Coase is cited for when markets versus institutions handle externalities, and Ostrom for governance of cases markets don't handle. The repair is still one civilizational ledger of all capital stocks. That erases the remainder: some externalities are cheaper bargained or locally governed than priced, and a ledger that prices them anyway is the expensive institution those accounts named.