Externality and Sustainability

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Difference between Externality and Sustainability

Externality vs. Sustainability

In economics, an externality is the cost or benefit that affects a party who did not choose to incur that cost or benefit. Sustainability is the process of change, in which the exploitation of resources, the direction of investments, the orientation of technological development and institutional change are all in harmony and enhance both current and future potential to meet human needs and aspirations.

Air pollution

Air pollution occurs when harmful or excessive quantities of substances including gases, particulates, and biological molecules are introduced into Earth's atmosphere.

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Ecological economics

Ecological economics (also called eco-economics, ecolonomy or bioeconomics of Georgescu-Roegen) is both a transdisciplinary and an interdisciplinary field of academic research addressing the interdependence and coevolution of human economies and natural ecosystems, both intertemporally and spatially.

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Economics

Economics is the social science that studies the production, distribution, and consumption of goods and services.

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Ecotax

An Ecotax (short for ecological taxation) is a tax levied on activities which are considered to be harmful to the environment and is intended to promote environmentally friendly activities via economic incentives.

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Environmental economics

Environmental economics is a sub-field of economics that is concerned with environmental issues.

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Forest

A forest is a large area dominated by trees.

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Global warming

Global warming, also referred to as climate change, is the observed century-scale rise in the average temperature of the Earth's climate system and its related effects.

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Greenhouse gas

A greenhouse gas is a gas in an atmosphere that absorbs and emits radiant energy within the thermal infrared range.

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Market (economics)

A market is one of the many varieties of systems, institutions, procedures, social relations and infrastructures whereby parties engage in exchange.

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Market failure

In economics, market failure is a situation in which the allocation of goods and services by a free market is not efficient, often leading to a net social welfare loss.

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Overfishing

Overfishing is the removal of a species of fish from a body of water at a rate that the species cannot replenish in time, resulting in those species either becoming depleted or very underpopulated in that given area.

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Price

In ordinary usage, a price is the quantity of payment or compensation given by one party to another in return for one unit of goods or services.

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Productivity

Productivity describes various measures of the efficiency of production.

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Radioactive waste

Radioactive waste is waste that contains radioactive material.

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Stern Review

The Stern Review on the Economics of Climate Change is a 700-page report released for the Government of the United Kingdom on 30 October 2006 by economist Nicholas Stern, chair of the Grantham Research Institute on Climate Change and the Environment at the London School of Economics (LSE) and also chair of the Centre for Climate Change Economics and Policy (CCCEP) at Leeds University and LSE.

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Tragedy of the commons

The tragedy of the commons is a term used in social science to describe a situation in a shared-resource system where individual users acting independently according to their own self-interest behave contrary to the common good of all users by depleting or spoiling that resource through their collective action.

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