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Economics: Difference between revisions
→Externalities: adding definition and duality .. to look up Cose
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=== Externalities === | === Externalities === | ||
* = impacts or consequences upon others (external) | |||
* externalities have an inherent duality | |||
** the external actors must be present for the external impact | |||
*** i.e., if nobody lives near the factory, its noise won't bother anyone | |||
**** the noise is an externality only because people can hear it | |||
*** however, those people living near it may have a benefit that is greater than the externality | |||
**** such as jobs, whatever the factory is making, etc. | |||
** from economist Cose | |||
=== Opportunity cost === | === Opportunity cost === | ||
=== Prisoner's Dilemma === | === Prisoner's Dilemma === | ||