Externalities are the incidental effects that the activities or actions of one party have on another party. Positive externalities occur when the actions of a person or entity have a positive impact ...

Wine growers everywhere fear spring frosts. New vine buds emerge in the spring and are highly susceptible to freezing temperatures which can kill them and result in significant crop loss for the year.

Good sex might be priceless, but there’s still a market for it. Ideally, such a market doesn’t involve money—but demand is rampant, supply plentiful, and the exchange goes on every day in every way.

Consumption, production, and investment decisions of individuals, households, and firms often affect people not directly involved in the transactions. Sometimes these indirect effects are tiny. But ...

Forbes contributors publish independent expert analyses and insights. I cover the economics of the sports industry. The textbook definition of a positive externality is a benefit that is enjoyed by a ...

Introductory-level economics uses supply and demand curves to identify the "ideal" price for a product, service or other economic activity. In Econ 101, these curves assume that the economy is working ...

We economists are often faulted for having a language all our own, usually unintelligible to common mortals. (To be fair, our discipline is not unique in this: many think the language of lawyers is ...

The multi-layered nature of spaces is captured by real estate values that are sensitive to material, people, and place variables. What individuals, households, and firms consider when making purchase ...

“You must be over the age of 21 to drink alcohol in the state of Connecticut.” Since 1984, Congress has conditioned federal highway funds on states maintaining a legal minimum drinking age of 21. All ...