Concept information
Preferred term
externalities
Definition
- Externalities are uncompensated costs or benefits, also known as interdependencies, central to environmental economics. Arthur Pigou, a British economist, is credited with initiating discussions about the theory of costs and benefits in the early 20th century. [Source: Encyclopedia of Consumption and Waste: The Social Science of Garbage; Externalities]
Broader concept
Belongs to group
URI
https://concepts.sagepub.com/social-science/concept/externalities
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