Abstract
Resource allocation in the market economy is decided by the decisions of consumers (households) and producers (firms) who seek to maximise the difference between benefits and incurred costs. We refer to these as private benefits and private costs.
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© 1991 J. Harvey
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Harvey, J. (1991). Externalities. In: Intermediate Economics. Palgrave, London. https://doi.org/10.1007/978-1-349-21228-6_18
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DOI: https://doi.org/10.1007/978-1-349-21228-6_18
Publisher Name: Palgrave, London
Print ISBN: 978-0-333-54552-2
Online ISBN: 978-1-349-21228-6
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