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

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 ...

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

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Taxpayers are subsidising the profits of industry by not counting the real cost of products to society and the environment, writes Annabel Day. How much does a bowl of corn flakes cost? Any competent ...