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What is Understanding Externalities and Policies about?

This document discusses externalities and how government policy can be used to correct negative and positive externalities. It defines externalities as costs or benefits of market transactions not reflected in prices. Negative externalities create social costs above private costs, while positive externalities create social benefits above private benefits. The document examines how corrective taxes can be used to internalize negative externalities and subsidies can internalize positive externalities to achie

Author

Muliana Samsi

Language

EN