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externality

noun
/ɛkstəˈnælɪti/UK/ɛkstɚˈnælɪti/US/ekstəˈnælɪti/

Etymology

From external + -ity. In the economic sense coined by British economist Alfred Marshall in 1890.

  1. derived from externus
  2. suffixed as externality — “external + ity”

Definitions

  1. The state of being external or externalized.

    • 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.

  2. A thing that is external relative to something else.

  3. An impact, positive or negative, on any party not involved in a given economic…

    An impact, positive or negative, on any party not involved in a given economic transaction or act.

    • 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.

The neighborhood

Derived

network externality, nonexternality, production externality

Vish — recursive loop

No curated loop yet for externality. Loops are being traced one word at a time while the ingestion pipeline matures.

sense glosses and etymology drawn from English Wiktionary · source · CC-BY-SA