Externality | Wikipedia audio article
Channel: wikipedia tts
Date: 25/03/2019

This is an audio version of the Wikipedia Article:
https://en.wikipedia.org/wiki/Externality


00:01:45 1 History of the concept
00:02:15 2 Definitions
00:03:00 2.1 Formal definition
00:08:37 3 Implications
00:12:03 4 Examples
00:12:12 4.1 Negative
00:18:03 4.2 Positive
00:20:54 4.3 Positional
00:22:20 4.4 Inframarginal
00:22:46 4.5 Technological
00:23:06 5 Supply and demand diagram
00:24:33 5.1 External costs
00:26:32 5.2 External benefits
00:28:49 6 Causes
00:29:37 7 Possible solutions
00:29:47 7.1 Solutions in non-market economies
00:30:30 7.2 Solutions in market economies
00:37:51 8 Criticism
00:40:39 9 See also



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SUMMARY
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In economics, an externality is the cost or benefit that affects a party who did not choose to incur that cost or benefit.Economists often urge governments to adopt policies that will "internalize" an externality, so that costs and benefits will affect mainly parties who choose to incur them. For example, manufacturing activities that cause air pollution impose health and clean-up costs on the whole society, whereas the neighbors of individuals who choose to fire-proof their homes may benefit from a reduced risk of a fire spreading to their own houses. If external costs exist, such as pollution, the producer may choose to produce more of the product than would be produced if the producer were required to pay all associated environmental costs. Because responsibility or consequence for self-directed action lies partly outside the self, an element of externalization is involved. If there are external benefits, such as in public safety, less of the good may be produced than would be the case if the producer were to receive payment for the external benefits to others.  For the purpose of these statements, overall cost and benefit to society is defined as the sum of the imputed monetary value of benefits and costs to all parties involved.Estimates suggest that 5 to 15 percent of U.S. GDP may be consumed by negative externalities.    Thus, unregulated markets in goods or services with significant externalities generate prices that do not reflect the full social cost or benefit of their transactions; such markets are, therefore inefficient.  
Proposals to internalize negative externalities include mandatory insurance, regulation, greater tort liability, and charging firms for limited liability according to the benefits it provides them.