1externalities.pptVIP

10 Externalities 外部性 Recall: Adam Smith’s “invisible hand” of the marketplace leads self-interested buyers and sellers in a market to maximize the total benefit that society can derive from a market. 回顾：亚当斯密的“市场”这一看不见的手引导买卖双方实现最大化的利益。 But market failures can still happen. 然而，市场失灵依然可能发生。 EXTERNALITIES AND MARKET INEFFICIENCY An externality refers to the uncompensated impact of one person’s actions on the well-being of a bystander.外部性指的是一个人的行为对其他人福利的影响，这一影响没有得到相应补偿的。 Externalities cause markets to be inefficient, and thus fail to maximize total surplus.外部性导致市场无效率，使得利益的最大化无法实现。 EXTERNALITIES