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Explore the concept of externalities in this lecture from MIT's Principles of Microeconomics course taught by Prof. Jonathan Gruber. Learn about positive and negative side effects of economic activities that impact uninvolved parties, and understand how externality theory relates to government policy and practices. Discover the economic frameworks used to analyze these spillover effects and their implications for market efficiency. This 47-minute lecture is part of MIT's Fall 2023 microeconomics curriculum, available as part of MIT OpenCourseWare's freely accessible educational content.
