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GEOG 1220 (115)
Lecture

Externalities and Sustainable Development
Externalities and Sustainable Development

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School
University of Guelph
Department
Geography
Course
GEOG 1220
Professor
Richard Kuhn
Semester
Fall

Description
Geography part II Professor Kuhn6 ExternalitiesUncompensated side effects of any economic or social activity which are not considered by individuals when making private decisionsByproducts of an activity results in costs to other people which go uncompensated by an exchange of money or goodsCan be negative eg groundwater contamination from livestock manure or positive eg a farmer growing sunflowers along a roadIndicates the market system has failedInherent in all alteration or systems which attempt to limit the effect of externalities is a recognition that some property rights must be adjustedAll attempts to improve environmental quality are basically modifications of the property rights that exist at that timeRemoving ExternalitiesPrivate agreementRegulationStatute lawCompensation people affected are compensat
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