What Is a "Panic"? What Is a "Moral Panic" (Also

question 13

Short Answer

What is a "panic"? What is a "moral panic" (also called "mass hysteria")?

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Definitions:

Property Rights

The legal rights to use, control, and derive benefits from a property or resource.

Externality

A consequence of an economic activity experienced by unrelated third parties; it can be either positive or negative.

External Costs

External costs, or negative externalities, are costs that are not borne by the parties directly involved in a transaction or activity but are imposed on third parties or society at large, such as pollution.

Internalized

This term generally refers to the absorption of external effects or costs by the decision-maker, often in the context of environmental economics.