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

externality

noun
 
/ˌekstɜːˈnæləti/
 
/ˌekstɜːrˈnæləti/
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  1. [countable] (economics) a consequence of an industrial or commercial activity that 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. [uncountable] (philosophy) the fact of existing outside the person or thing that is aware of it
    • man’s externality to an indifferent natural world
See externality in the Oxford Learner's Dictionary of Academic English
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