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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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
second-best

second-best  

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A situation in which a policy-maker is subject to one or more constraints in addition to those relating to technology and endowments. When a policy-maker is constrained only by technology and ...
social opportunity cost

social opportunity cost  

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The amount of other goods which has to be forgone because resources are used to make some particular good. When any goods or services are produced, the resources used to make them are not available ...
social returns to education

social returns to education  

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Externalities generated by education of individuals, or human capital externalities. Increases in the overall level of education can benefit society in ways that are not fully reflected in the wages ...
spill-over

spill-over  

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A connection between different parts of the economy. Spill-overs may be pecuniary or non-pecuniary. A pecuniary spill-over occurs, for example, when changes in one industry affect factor supplies to ...
tax burden

tax burden  

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The amount of tax suffered by an individual or organization. This may not be the same as the tax actually paid because of the possibility of shifting tax or the normal incidence of taxation. As an ...

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