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What is an externality? List the various types of externalities. Discuss why externalities justify government intervention.
Urgent Social Need
A critical and immediate requirement within a society that necessitates prompt action for the welfare of its members.
Big Science
Large-scale scientific research involving extensive financial investment, often funded by governments and focusing on significant, complex problems.
Atomic Bomb
A weapon of mass destruction that releases energy through nuclear reactions, either fission or a combination of fission and fusion.
Technological Research
The systematic investigation and study of materials, sources, and systems to develop new technologies or enhance existing ones for societal benefit.
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