| 单词 | production externality |
| 释义 | production externality An external effect of production, which neither harms nor benefits the person or firm controlling the production. Adverse production externalities include noise and air pollution. Beneficial externalities include the public's pleasure from seeing lambs playing or barley growing. Activities producing adverse externalities are liable to be extended too far for maximum social welfare, since those controlling them have no incentive to take account of the externalities. For similar reasons, activities producing beneficial externalities are liable to be too restricted. |
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