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abatement cost

abatement cost  

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The cost of securing a reduction in pollution. The abatement cost can be quoted as a cost per unit or the total cost of achieving a given target. The marginal abatement cost should be equated to the ...
Coase theorem

Coase theorem  

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A concept often invoked in the economic analysis of law. Named after the Nobel laureate Ronald Coase (1911– ), it defines an “efficient” outcome as one in which the net sum of social wealth is ...
compensation for externalities

compensation for externalities  

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The payment of compensation by those causing adverse externalities to the victims. There are two different points involved here. The economic benefit of ‘making the polluter pay’ is that it creates ...
consumption externality

consumption externality  

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An externality that affects the utility level of an agent, or the marginal utility of this agent's own consumption. An example of a negative consumption externality is noise from a neighbour's ...
creative destruction

creative destruction  

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A model of economic growth driven by quality-improving innovations that make old technologies or products obsolete. Current innovations exert a positive externality for future research and ...
ecocentric management

ecocentric management  

Management that treats environmental issues as a core business concern, rather than an externality. Recognizing the relationship that the firm has with the natural environment, it regards taking full ...
fiscal federalism

fiscal federalism  

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The division of revenue collection and expenditure responsibilities among different levels of government. The central, or federal, government is usually free to choose tax instruments, and its ...
free ride

free ride  

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The situation in which an economic agent benefits from the expenditure of others without making a contribution. A free ride is a type of externality and a source of market imperfection. An important ...
full cost pricing

full cost pricing  

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The pricing of commercial goods (such as electric power) in a way that includes not just the cost of production but also the cost of externalities created by their production and use (which includes ...
fundamental theorems of welfare

fundamental theorems of welfare  

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The two theorems that describe the efficiency properties of a competitive equilibrium. The First Fundamental Theorem of Welfare Economics states that (in the absence of any market failure) a ...
market failure

market failure  

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A situation in which a market does not operate efficiently. Factors that may cause market failure include the possession of market power by transactors, externalities, or information problems. See ...
merit goods

merit goods  

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Goods or services whose consumption is believed to confer benefits on society as a whole greater than those reflected in consumers' own preferences for them. A good may be classed as a merit good if ...
network externality

network externality  

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An externality derived from being connected to other economic agents, for example through a telephone system or the internet. The concept also applies to social networks. The larger the proportion of ...
pecuniary externality

pecuniary externality  

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An externality that is felt through prices rather than through quantities. Migration of workers into a country will increase labour supply and lower wages. This is a pecuniary externality for the ...
Pigouvian taxes

Pigouvian taxes  

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Taxes enacted to correct for the effects of negative externalities—the harmful consequences of economic (or potentially other) activity on the well-being of others. Pollution is a prominent example ...
planning (land-use)

planning (land-use)  

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Controls by central or local government over the use of land. These are common, because of the importance of externalities resulting from land use. Land-use planning is intended to keep activities ...
policy coordination

policy coordination  

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The collaborative choice of policy by two or more policy-makers. Policy coordination between countries can be justified by the argument that national fiscal and monetary policies would produce better ...
public economics

public economics  

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A field of economics that studies economic efficiency, distribution, and government economic policy. In particular, it deals with the analysis of the public sector and its interaction with the ...
public good

public good  

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A special defence to some charges under section 4 of the Obscene Publications Act 1959 (R v Penguin Books [1961] Crim LR 176). See feature The Obscene Publications Acts.
Ronald Coase

Ronald Coase  

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(1910 –)An economist who innovated in a number of areas, including the study of transaction costs, the purpose of firms, the role of externalities such as pollution, and the ...

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