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E__________
Definitions
the quality or state of being outside or directed toward or relating to the outside or exterior
Word origin
From external + -ity. In the economic sense coined by British economist Alfred Marshall in 1890.
Used in a sentence
“But according to the theory of the externality of relations, terms acquire from their new relations an added character, which does not either condition, or necessarily alter, the character which they already possess.”
“Waste is a negative externality arising from consumption.”
“Pigouvian taxes are meant to internalize ‘externalities’, generally understood to be positive or negative side-effects from economic production that are not reflected in the price of production.”
Source: Wiktionary, CC BY-SA 4.0
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