so goods with negative externalities are overproduced when only private costs are involved and not costs incurred by others. To minimize social costs would lead to lower production levels. Similarly, ...

so goods with negative externalities are overproduced when only private costs are involved and not costs incurred by others. To minimize social costs would lead to lower production levels. Similarly, ...

He suggested broad declines in the factors of production—such as land, labor, and effective capital—represented a positive externality for all firms. These externality arguments are offered in ...