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Externality |
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Externality A consequence of an economic activity that is experienced by unrelated third parties. An externality can be either positive or negative. Notes: Pollution emitted by a factory that spoils the surrounding environment and affects the health of nearby residents is an example of a negative externality. An example of a positive externality is the effect of a well-educated labor force on the productivity of a company. |
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No known study, however, has quantified this positive externality, and critics argue that temporary reverse transfer students are "taking over" academic courses and that post-baccalaureate reverse transfer students are "crowding out" traditional students from vocational programs (Townsend & Dever, 1999; Townsend & Lambert, 1999; Townsend, 2001b). Were it not for the inherent subjectivism of these matters, we would be tempted to claim that public education is an externality all right, but a negative not a positive one. An example of a negative externality is when a manufacturer pollutes, creating an external cost--the harm caused by the pollution--borne by the people living nearby. |
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Externality
