An economic externality exists whenever the well-being of some individual is affected by the economic activities of others without particular attention to the welfare of that individual. For example, smog-related illnesses such as bronchitis and...

Most economists argue that markets ordinarily are the superior means for fulfilling human wants. In a market, deals are ideally struck between consenting adults only when the parties feel they are likely to benefit. Society as a whole is thought to...

Degree of influence from salient external (outside the skin) cues to initiate, maintain or terminate behaviour, such as eating; the opposite of INTERNALITY. Initially considered to be responsible for excessive eating found in OBESITY. Early experiments...

The benefit or cost to society or another person of a private action (e.g. production or consumption); a third-party effect. Since PIGOU’S discussion of the distinction between SOCIAL AND PRIVATE COST, it has been a central concept of WELFARE...

In economics, an externality is an impact (positive or negative) on any party not involved in a given economic transaction. An externality occurs when a decision causes costs or benefits to third party stakeholders, often, although not necessarily, from...

Pick an economist at random and ask him or her, "What is government's chief role?" The likely answer will be, "To correct market failures." Economists have long understood that markets aren't textbook perfect. Sometimes they fail, most notably when part of the...

In a bid to make their life and pensions products more attractive, life offices began offering external fund links to fund management houses over 20 years ago. Today, investors can choose from a broad array of funds, meaning that life offices need more...

A federal bankruptcy judge Wednesday ordered an external audit of the Roman Catholic Diocese of San Diego amid accusations church leaders are trying to hide assessts to avoid payment to sex abuse victims.Judge Louise DeCarl Adler had earlier threatened the diocese with contempt for misrepresenting...

A hail storm left hundreds of divots on space shuttle Atlantis' external fuel tank, and NASA managers weren't sure Tuesday if the damage was severe enough to postpone next month's launch.The storm Monday evening passed over the launch pad where Atlantis was being prepared for...