| 41. | In economic terms, pollution from fossil fuels is regarded as a negative externality.
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| 42. | Congestion is considered a negative externality by economists.
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| 43. | Furthermore, driving can impose hidden costs on society through pollution ( externality ).
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| 44. | The externality concept remains central to modern welfare economics and particularly to environmental economics.
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| 45. | Production of public goods are a textbook example of production that create positive externalities.
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| 46. | Such externalities prevent markets from operating efficiently, according to analyses of public economics.
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| 47. | But their current widespread use causes negative externalities.
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| 48. | Under complete markets pecuniary externalities offset each other.
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| 49. | The resource consumption or externalities embodied in this other consumption is the indirect effect.
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| 50. | *The effect of corporations on their environment is referred to as an externality.
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