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Meaning of externality
The primary meaning of "externality" refers to a consequence of an economic activity that affects other parties, either positively or negatively, without being reflected in market prices.
Etymology of externality
The word "externality" originates from the Latin words "externus," meaning "outside," and the suffix "-ality," which forms a noun indicating a state or condition.
Historically, the term has been used in economics since the mid-20th century to describe the effects of economic activities on third parties.
Synonyms
consequence
side effect
spin-off
byproduct
outcome
result
aftermath
repercussion
ramification
implication
corollary
fallout
upshot
sequela
offshoot
outgrowth
derivative
adjunct
appendage
annex
satellite
concomitant
attendant
accessory
subsidiary
secondary effect
peripheral effect
incidental effect
indirect effect
knock-on effect
Definitions
- A consequence of an economic activity that affects other parties, either positively or negatively, without being reflected in market prices.
- * A side effect or byproduct of a process or activity that is not directly related to the main purpose or objective.
Usage Examples
- The company's decision to reduce production had a significant externality on the local community, leading to job losses and economic hardship.
- * The new policy aimed to internalize the negative externality of pollution by imposing a tax on carbon emissions.
Antonyms
internality
interiority
inwardness
centricity
centrality
direct effect
primary effect
main consequence
intended result
deliberate outcome
planned aftermath
anticipated repercussion
expected implication