from The American Heritage® Dictionary of the English Language, 4th Edition
- n. The condition or quality of being external or externalized.
- n. Something that is external.
- n. An incidental condition that may affect a course of action: "Our economic system treats environmental degradation as an externality—a cost that does not enter into the conventional arithmetic that determines how we use our resources” ( Barry Commoner).
from Wiktionary, Creative Commons Attribution/Share-Alike License
- n. The state of being external or externalized.
- n. A thing that is external relative to something else.
- n. An impact, positive or negative, on any party not involved in a given economic transaction or act.
from the GNU version of the Collaborative International Dictionary of English
- n. State of being external; exteriority.
from The Century Dictionary and Cyclopedia
- n. The state of being external.
- n. Superficiality.
- n. An external; an outward rite, ceremony, or form.
- n. Undue regard to externals; the sacrifice of substance to form.
from WordNet 3.0 Copyright 2006 by Princeton University. All rights reserved.
- n. the quality or state of being outside or directed toward or relating to the outside or exterior
Sorry, no etymologies found.
In this case, the externality is the relationship with the neighbours, especially since those who would be most disappointed are also likely to be the most active in the community.
“Because the externality is not fallen upon a few, easily-identifiable parties”
I think the obvious externality is cook-the-books rating agencies.
Fanworks derive meaning from addressing gaps in the source, mysteries — externality is authenticity.
That doesn’t mean there’s an externality – precisely because an externality is by definition not reflected in prices.
But, at the same time, to address the climate-change market failure itself (that is, the externality associated with greenhouse gas emissions), carbon pricing will be necessary, for all of the reasons I gave above.
For the economist who views the environment as a subset of the economy, an externality, that is true, because you have if you have no demand for your friend, he will not exist.
Oil, along with coal and natural gas, comes with what economists call externality costs, the indirect expenses widely shared by human society.
Besides, for the sake of generality, I will define as externality of social or economic decision not only its effect ( "spillover") on any party directly involved in that decision, as it is done usually.
[Robert Frank, Journal of Public Economics, forthcoming:] A positional externality occurs when new purchases alter the relevant context within which an existing positional good is evaluated.