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In economics, an externality or external cost is an indirect cost or benefit to an uninvolved third party that arises as an effect of another party's (or parties') activity. Externalities can be considered as unpriced components that are involved in either consumer or producer market transactions. Air pollution from motor vehicles is one example.
Externalism. Externalism is a group of positions in the philosophy of mind which argues that the conscious mind is not only the result of what is going on inside the nervous system (or the brain ), but also what occurs or exists outside the subject. It is contrasted with internalism which holds that the mind emerges from neural activity alone.
Internalism and externalism. Internalism and externalism are two opposite ways of integration of explaining various subjects in several areas of philosophy. These include human motivation, knowledge, justification, meaning, and truth. The distinction arises in many areas of debate with similar but distinct meanings.
Coase theorem. In law and economics, the Coase theorem ( / ˈkoʊs /) describes the economic efficiency of an economic allocation or outcome in the presence of externalities. The theorem is significant because, if true, the conclusion is that it is possible for private individuals to make choices that can solve the problem of market externalities.
A pecuniary externality occurs when the actions of an economic agent cause an increase or decrease in market prices. For example, an influx of city-dwellers buying second homes in a rural area can drive up house prices, making it difficult for young people in the area to buy a house. The externality operates through prices rather than through ...
Social cost. Social cost in neoclassical economics is the sum of the private costs resulting from a transaction and the costs imposed on the consumers as a consequence of being exposed to the transaction for which they are not compensated or charged. [ 1] In other words, it is the sum of private and external costs.
External validity is the validity of applying the conclusions of a scientific study outside the context of that study. [ 1] In other words, it is the extent to which the results of a study can generalize or transport to other situations, people, stimuli, and times. [ 2][ 3] Generalizability refers to the applicability of a predefined sample to ...
Locus of control. A person with an external locus of control attributes academic success or failure to luck or chance, a higher power or the influence of another person, rather than their own actions. They also struggle more with procrastination and difficult tasks. Locus of control is the degree to which people believe that they, as opposed to ...