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Externality

In: Welfare Economics

Author

Listed:
  • Yew-Kwang Ng

    (Monash University)

Abstract

It was noted in Chapter 2 that an equilibrium situation of a perfectly competitive market economy is Pareto optimal under certain conditions. One of these conditions is the absence of (unaccounted for) external effects. However external effects are pervasive. External effects in the form of environmental disruption have attracted both academic and public attention for decades (see for example Papandreou, 1994; Stavins, 2000). This chapter considers how external effects can cause non-optimality, and how this can be alleviated. But first we shall discuss the concept and classification of external effects.

Suggested Citation

  • Yew-Kwang Ng, 2004. "Externality," Palgrave Macmillan Books, in: Welfare Economics, chapter 7, pages 144-163, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-4039-4406-1_7
    DOI: 10.1057/9781403944061_7
    as

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