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Whenever an externality arises on the production side, there will be two supply curves (private and social cost). However, if the externality arises on the consumption side, there will be two demand curves instead (private and social benefit). This distinction is essential when it comes to resolving inefficiencies that are caused by externalities.
To deal with over-production, Pigou recommends a tax placed on the offending producer. If the government can accurately gauge the social cost, the tax could equalize the marginal private cost and the marginal social cost. In more specific terms, the producer would have to pay for the non-pecuniary externality that it created.
A pecuniary externality occurs when the actions of an economic agent cause an increase or decrease in market prices. For example, an influx of city-dwellers buying second homes in a rural area can drive up house prices, making it difficult for young people in the area to buy a house.
NCERT has a comprehensive extension program in which departments of the National Institute of Education, Regional Institute of Education, Central Institute of Vocational Education, and field coaches' offices in the states are engaged in activities. Several programs are organized in rural and backward areas to reach out to functionaries in these ...
Double marginalization is a vertical externality that occurs when two firms with market power (i.e., not in a situation of perfect competition), at different vertical levels in the same supply chain, apply a mark-up to their prices. [1]
Sean “Diddy” Combs has been accused in a new lawsuit of dangling a woman from the 17th-floor balcony of an apartment during an altercation. The lawsuit filed in Los Angeles by fashion designer ...
education in the early years of childhood development. This is especially important in the context of providing more educational opportunities to children that come from economically disadvantaged families, and those with parents with low educational attainment levels. Hispanic dropout rates are among the highest and Hispanic education
The concept of spillover in economics could be replaced by terminations of technology spillover, R&D spillover and/or knowledge spillover when the concept is specific to technology management and innovation economics. [2] Moreover, positive or negative impact often creates a social crisis or a shock in the market like booms or crashes. [1]