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

Why does America have zoning laws? Mainly to stop externalities. Since it emerged in the Progressive Era, zoning was meant to prevent land development from negatively affecting people who live outside ...

An externality is a cost or benefit related to the production or consumption of a good or service that affects third parties unrelated to the production or consumption. It is generally the unintended, ...