CLASSIFICATION OF EXTERNALITIES: MACROECONOMIC PERSPECTIVE
Journal Title: European Journal of Business and Social Sciences - Year 2015, Vol 4, Issue 1
Abstract
Externalities as a source of the market failure is an important empirical issue one can encounter in the modern day world`s economic life. However, economics has analyzed it only in microeconomic analysis. We believe it has important effects in macroeconomics such as in macro accounting and growth theory. Therefore, in this paper we try first to put a formal analysis frame classifying externality types using literature definitions and then discussing the effects of externalities in macroeconomics we suggest a basic classification for that. In this sense, the ecosystem services are the main type macro externalities that we called as global externalities and discussed their properties briefly in this paper; moreover, their replacement with human technology has been the main motive of recent growth characteristic.
Authors and Affiliations
Dr. Onur Tutulmaz| Asst. Prof., Hitit University, otutulmaz@gmail.com
Keywords
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