MLA 8 Nithyanand, Seher. "A POTHOLED RACE TO NET ZERO." Int. j. of Social Science and Economic Research, vol. 8, no. 6, June 2023, pp. 1537-1549, doi.org/10.46609/IJSSER.2023.v08i06.027. Accessed June 2023.
APA 6 Nithyanand, S. (2023, June). A POTHOLED RACE TO NET ZERO. Int. j. of Social Science and Economic Research, 8(6), 1537-1549. Retrieved from https://doi.org/10.46609/IJSSER.2023.v08i06.027
Chicago Nithyanand, Seher. "A POTHOLED RACE TO NET ZERO." Int. j. of Social Science and Economic Research 8, no. 6 (June 2023), 1537-1549. Accessed June, 2023. https://doi.org/10.46609/IJSSER.2023.v08i06.027.
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ABSTRACT: In 1920 Arthur Pigou introduced the concept of externalities in his book “The Economics of
Welfare”1
as those costs and benefits that are imposed on society but are not addressed by the
pricing system of a free economy. (Pigou, 1920)The pricing system is an extraordinarily
powerful concept that automatically regulates behaviour and action to ensure the best use of
resources. Externalities, however, cause the pricing system to break down and Pigou argued that
it was the State’s responsibility to intervene with a “Pigovian tax” on individuals or businesses
that create adverse effects on society.
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