externality

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Related to Negative externality: Positive externality

ex·ter·nal·i·ty

 (ĕk′stər-năl′ĭ-tē)
n. pl. ex·ter·nal·i·ties
1.
a. The condition or quality of being external or externalized.
b. Something that is external.
2. A cost or benefit that affects people other than those involved in the economic activity that produced it and that is not reflected in prices: pollution and other negative externalities.

externality

(ˌɛkstɜːˈnælɪtɪ)
n, pl -ties
1. the state or condition of being external
2. something external
3. (Philosophy) philosophy the quality of existing independently of a perceiving mind
4. (Economics) an economic effect that results from an economic choice but is not reflected in market prices

ex•ter•nal•i•ty

(ˌɛk stərˈnæl ɪ ti)

n., pl. -ties.
1. the state or quality of being external or externalized.
2. something external.
4. an often unforeseen external effect accompanying a process.
ThesaurusAntonymsRelated WordsSynonymsLegend:
Noun1.externality - the quality or state of being outside or directed toward or relating to the outside or exterior; "the outwardness of the world"
worldliness - concern with worldly affairs to the neglect of spiritual needs; "he disliked the worldliness of many bishops around him"
spatial relation, position - the spatial property of a place where or way in which something is situated; "the position of the hands on the clock"; "he specified the spatial relations of every piece of furniture on the stage"
References in periodicals archive ?
In economics, a negative externality is a cost that a player does not intend to incur.
Congestion costs in urban areas are significant and clearly represent a negative externality.
As I have described it, macroprudential policy would be part of addressing the second type of negative externality that I set out at the beginning of my remarks: those that drive the social costs of the financial system collapsing.
Second, and most importantly for this Article, traditional energy producers emit pollution, a negative externality that distorts prices in the energy industry to the detriment of clean energy producers.
If we talk about economics, there was a time when you started to become my total utility, my entire source of happiness, or a negative externality I wouldn't mind facing daily.
Burning coal and other fossil fuels contributes to global warming, goes the argument, which is a negative externality and a perfect example of market failure-and therefore a perfect example of the need for government intervention.
The government may impose a tax on activities that create negative externalities without trying to ensure that the tax equals the negative externality.
Overgrazing leading to land [and] environmental degradation could also be considered another negative externality of sheep and goat production,' adds Mtimet.
For example, if a person smokes and thereby creates a negative externality of more secondhand smoke, then her choice not to smoke creates a positive externality of less secondhand smoke.
Thus, social welfare can in principle be improved by increasing the after-tax price paid by consumers, thereby reducing the quantity of the good they buy and curbing the behavior that generates the negative externality.