Välisfaktorite

Välisfaktorite, a term often translated as externalities, refers to the uncompensated impact of one person's actions on the well-being of a third party who is not a direct participant in the transaction. These impacts can be either positive or negative. Negative externalities occur when the production or consumption of a good or service imposes a cost on others. Examples include pollution from factories, which can harm the health of nearby residents, or noise from a construction site, which disrupts the peace of a neighborhood. Positive externalities, conversely, arise when an action benefits a third party who did not pay for that benefit. Common examples include vaccination, which reduces the spread of disease to others, or education, which can lead to a more informed and productive society.

The existence of externalities is a key concept in economics, particularly in the study of market failures. When externalities are present, the market price of a good or service does not accurately reflect its true social cost or benefit. This can lead to inefficient allocation of resources, where too much of a good with negative externalities is produced or consumed, and too little of a good with positive externalities. Governments and other institutions often intervene to address externalities. For negative externalities, this might involve imposing taxes or regulations. For positive externalities, interventions could include subsidies or public provision of the good or service. The goal of these interventions is to "internalize" the externality, meaning to make the producer or consumer account for the external costs or benefits.