Definition of externality noun from the Oxford Advanced Learner's Dictionary



    BrE BrE//ˌekstɜːˈnæləti//
    ; NAmE NAmE//ˌekstɜːrˈnæləti//
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  1. 1[countable] (economics) a consequence of an industrial or commercial activity which affects other people or things without this being reflected in market prices Pollution is a negative externality that imposes a cost—reduced happiness—on the victims.
  2. 2[uncountable] (philosophy) the fact of existing outside the person or thing that is aware of it man’s externality to an indifferent natural world