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What Is an Externality? What Are Two Examples of Externalities

question 46

Essay

What is an externality? What are two examples of externalities? Why is public policy making often concerned with externalities? How might policy makers encourage activities with positive externalities and discourage activities with negative externalities?


Definitions:

In-kind Benefit

Non-monetary goods or services provided to individuals in need, such as food assistance, housing, or healthcare, instead of cash payments.

Welfare Program

Governmental provisions designed to support the well-being of its citizens, particularly those in financial or social need.

Income Distribution

The way in which total income is shared among the population.

Income-equality Measures

Statistical tools used to assess the distribution of income across a population, indicating the level of income equality or inequality.

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