externality

Noun

externality (countable and uncountable, plural externalities)

1. (uncountable) The state of being external or externalized.
   • But according to the theory of the externality of relations, terms acquire from their new relations an added character, which does not either condition, or necessarily alter, the character which they already possess.1916, Ralph Barton Perry, Present philosophical tendencies, page 319
2. (countable) A thing that is external relative to something else.
3. (countable) An impact, positive or negative, on any party not involved in a given economic transaction or act.
   • Waste is a negative externality arising from consumption.
   • "(1) Each agency shall identify in writing the specific market failure (such as externalities, market power, lack of information) or other specific problem that it intends to address (including, where applicable, the failures of public institutions) that warrant new agency action, as well as assess...2007, George W. Bush, Executive Order 13422