👉 Externality is a concept in economics and philosophy that refers to the fact that something being done to someone else has an effect on them, even if they do not have any direct control over it. This can be seen in various contexts, such as when one person's decision affects another person or when one individual's actions are influenced by others' actions. In practical terms, externality refers to the principle that people should bear their share of the costs of environmental damage caused by other people. It is
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What is the definition of Externality? 🙋
👉 The concept of "externality" refers to a situation where one individual's actions have an impact on another person or entity. This can occur in various forms, such as pollution from industrial plants, noise from traffic noise, and deforestation for timber production. In economics, externality is often analyzed through the lens of market forces, particularly those that operate within a capitalist system. It involves individuals or firms contributing to externalities, which are unintended by their actions but have an economic impact on others.
