Externality

Japanese: 外部性 - がいぶせい

The impact that the actions of an individual or company have on the actions of other economic entities without going through the market. A translation of the word "externals." Something that is advantageous to the affected entity is called an external economy, and something that is disadvantageous is called an external diseconomy. Pollution is a type of external diseconomy. When externalities exist, the market mechanism cannot guarantee the efficiency of resource allocation, resulting in what is known as "market failure." Therefore, it is necessary to ensure that these effects are reflected in market-determined variables such as prices. For example, AC Pigou considered providing subsidies to economic entities that generate external economies and taxing entities that bring about external diseconomy.
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Source : Heibonsha Encyclopedia About MyPedia Information

Japanese:

ある個人・企業の行動が市場を経ずに他の経済主体の行動に与える影響。externalitiesの訳語。影響を受ける側から見て有利なものを外部経済といい，不利なものを外部不経済という。公害は外部不経済の一種である。外部性が存在する場合には，市場機構によっては資源配分の効率性が保証されず，いわゆる〈市場の失敗〉を生む。したがって，これらの効果が価格などの市場で決定される変数に反映されるようにする必要がある。例えばA.C.ピグーは，外部経済を発生する経済主体に補助金を交付し，外部不経済をもたらす主体に課税することを考えた。
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