The economic doctrine of “externalities” has become an excuse for governments to intervene economically in heavy-handed ways, all in the name of “saving” the ...

Externalities are the incidental effects that the activities or actions of one party have on another party. Positive externalities occur when the actions of a person or entity have a positive impact ...

Learn how economists measure externalities using equilibrium models, cost assessments, and qualitative methods. Gain insight into real-world and theoretical impacts.

Most economic externalities can be efficiently solved through a system of private property rights, in which costs and ...

Consumption, production, and investment decisions of individuals, households, and firms often affect people not directly involved in the transactions. Sometimes these indirect effects are tiny. But ...

Introductory-level economics uses supply and demand curves to identify the "ideal" price for a product, service or other economic activity. In Econ 101, these curves assume that the economy is working ...

We economists are often faulted for having a language all our own, usually unintelligible to common mortals. (To be fair, our discipline is not unique in this: many think the language of lawyers is ...

Wine growers everywhere fear spring frosts. New vine buds emerge in the spring and are highly susceptible to freezing temperatures which can kill them and result in significant crop loss for the year.