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Examples of positive consumption externalities include: An individual who maintains an attractive house may confer benefits to neighbors in the form of increased market values for their properties. This is an example of a pecuniary externality, because the positive spillover is accounted for in market prices.
Different economists have different views about what events are the sources of market failure. Mainstream economic analysis widely accepts that a market failure (relative to Pareto efficiency) can occur for three main reasons: if the market is "monopolised" or a small group of businesses hold significant market power, if production of the good or service results in an externality (external ...
Western Arabic numerals — an example of non-material inventions Railways — probably the most important invention in land transport (railway station in Bratislava, Slovakia) In economic theory, inventions are one of the chief examples of "positive externalities", a beneficial side effect that falls on those outside a transaction or activity ...
[dubious – discuss] For example, almost all environmental problems, from chemical pollution to global warming, are the unexpected consequences of the application of modern technologies. Traffic congestion , deaths and injuries from car accidents, air pollution , and global warming are unintended consequences of the invention and large scale ...
One of his inventions was a tank, which you can see on the bottom right. The armored tank would go ahead of foot soldiers and had holes that could be used to shoot projectiles. But as it was drawn ...
The distinction between pecuniary and technological externalities was originally introduced by Jacob Viner, who did not use the term externalities explicitly but distinguished between economies (positive externalities) and diseconomies (negative externalities). [1] Under complete markets, pecuniary externalities offset each other. For example ...
In a new interview, AI expert Kai-Fu Lee explained the top four dangers of burgeoning AI technology: externalities, personal data risks, inability to explain consequential choices, and warfare.
For example, externalities of economic activity are non-monetary spillover effects upon non-participants. Odors from a rendering plant are negative spillover effects upon its neighbors; the beauty of a homeowner's flower garden is a positive spillover effect upon neighbors.