Dec 10, 2019, 11:03 PM
“Externality” is a technical term and it’s meaning is obvious. If you do something that indirectly and negatively affects a third person, that’s an externality. It means ‘outside of your direct perception’.
That’s not complicated. At all.
ie: the ridiculous example of a butterfly flapping its wings in china causes tornado in America. The less ridiculous example of playing your music loud at night keeping up the neighbors.