externality

Definition

The state of being external or externalized.

Etymology

From external + -ity. In the economic sense coined by British economist Alfred Marshall in 1890.

Example Sentences

• "But according to the theory of the externality of relations, terms acquire from their new relations an added character, which does not either condition, or necessarily alter, the character which they already possess."
• "Waste is a negative externality arising from consumption."
• ""(1) Each agency shall identify in writing the specific market failure (such as externalities, market power, lack of information) or other specific problem that it intends to address (including, where applicable, the failures of public institutions) that warrant new agency action, as well as assess the significance of that problem, to enable assessment of whether any new regulation is warranted.""