externality

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ex·ter·nal·i·ty

(ĕk′stər-năl′ĭ-tē)

n. pl. ex·ter·nal·i·ties

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.

American Heritage® Dictionary of the English Language, Fifth Edition. Copyright © 2016 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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

Collins English Dictionary – Complete and Unabridged, 12th Edition 2014 © HarperCollins Publishers 1991, 1994, 1998, 2000, 2003, 2006, 2007, 2009, 2011, 2014

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.

3. externalism.

4. an often unforeseen external effect accompanying a process.

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Noun

externality - the quality or state of being outside or directed toward or relating to the outside or exterior; "the outwardness of the world"

outwardness

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"

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The Court rejected equal protection and other constitutional claims against the zoning measure and relied on a mix of environmental and social externality rationales." (110) It reasoned that "a quiet place where yards are wide, people few, and motor vehicles restricted are legitimate guidelines in a land use project addressed to family needs." (111) The Court also held that "the police power is not confined to elimination of filth, stench, and unhealthy places.

Zoning and market externalities

Congestion costs in urban areas are significant and clearly represent a negative externality. Nonetheless, economists also recognize the production advantages of urban density in the form of positive agglomeration externalities.

Congestion, agglomeration, and the structure of cities

Government actually must make sure coal companies internalize externality costs, because these are implicit subsidies our people cannot afford and should not pay for," he said.

Shift from coal to renewable energy sources, investors urged

Each type of externality raises distinct normative concerns and accounts for specific structural features of international law.

Sovereignty and the right to be left alone: subsidiarity, justice-sensitive externalities, and the proper domain of the consent requirement in international law

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.

Mirrored externalities

The concept of externality has been under academic scrutiny for around a hundred years.

Climate Change: A Paradigm Shift for Investments? A Review of Evidence under Climate Economics Research

We then use difference-in-differences regressions to estimate the externality associated with a major big-box closing on outcomes for neighborhoods of differing sizes around the store.

Shops and the city: evidence on local externalities and local government policy from big box bankruptcies

Nalebuff (1997: 35-37), for example, has argued that for environmental problems "as the scope of the externality affects more and more people, it becomes increasingly difficult to assign property rights." Moreover, "even when property rights have been assigned, exclusion is difficult if not impossible." In this article, we argue that the New York City Watershed Memorandum of Agreement (MOA) proves the usefulness of the Coasean framework--even when there are a large number of affected parties from nonpoint source pollution.

The Coasean framework of the New York City watershed agreement

These expenses fall under the so-called negative externality, also known as external cost or external diseconomy, because they negatively affect the public since the government had to funnel funding for them.