<P> Two British economists are credited with having initiated the formal study of externalities , or `` spillover effects '' : Henry Sidgwick ( 1838 -- 1900 ) is credited with first articulating , and Arthur C. Pigou ( 1877 -- 1959 ) is credited with formalizing the concept of externalities . </P>
<P> Two British economists are credited with having initiated the formal study of externalities , or `` spillover effects '' : Henry Sidgwick ( 1838 -- 1900 ) is credited with first articulating , and Arthur C. Pigou ( 1877 -- 1959 ) is credited with formalizing the concept of externalities . </P>
an external cost or external benefit is also known as
an external cost or external benefit is also known as
spillover effects
spillover effects