This paper discusses the concept of ‘externalities ‘. It starts with a brief discussion of market failures in the neoclassical economic framework. It then proceeds to a definition of externalities, thereby distinguishing external effects from other sorts of ‘unpriced effects ‘. Finally, some attention is paid to the relation, and tension, between efficiency and equity impacts of externalities.
|Date of creation:||1997|
|Date of revision:|
|Contact details of provider:|| Web page: http://www.feweb.vu.nl|
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