Externalities are costs or benefits that are caused by producing or consuming a good but that are not included in the market price for the good. They are simply the unintended side effects of market activities. Externalities can be positive or negative. One example of a positive externality might be when beekeepers provide a means of pollination for fruit growers. Air, water, and noise pollution are examples of negative externalities.
Please answer the following questions to describe an instance in which you, an acquaintance, or family member has experienced an externality. Please use economic concepts, and use references in your main contribution.
1.How did it affect you (or your acquaintance or family member?) Please explain.
2. What were the effects? Please explain.
3. Did you (or your acquaintance or family member) experience increased or decreased health or quality of life? Please explain.
If you choose to write about a negative externality such as pollution, what do you think is the best way to reduce pollution? Please explain.
If you choose to write about a positive externality, what is the economic problem that positive externalities create? How would you resolve that? Please explain.
Externalities-Aircraft Noise Pollution
In economics, an externality is a cost or a benefit that affects a third party without his /her consent or knowledge. It occurs whether negative or positive during the production and consumption of a product or a service by a consumer and is not included in pricing. Therefore, the price equilibrium in the production or consumption of a product or service does not reflect the actual costs or benefits of that product or service in the case of externalities (Friedland & Cole, 2019). To internalize externalities, governments usually take certain steps to ensure that market-priced transactions incorporate all their associated benefits and costs by imposing taxes on the particular economic agents responsible for generating the externalities (Friedland & Cole, 2019). How an Externality Affected a Family Member
When I was young my father used to tell me how he and other family members suffered from aircraft noise pollution. My grandfather used to work in one of the country’s largest and busiest airports as an aircraft engineer. Due to the nature of his work he had to live near the airport, and it happened that his house was located right under the path used by aircrafts during take-off and landing (Pearson & Clarke, 2019). My father and all his family members suffered from various forms of noise pollution, which include mechanical and aerodynamic noise from aircrafts as they flew in and out of the airport (Friedland & Cole, 2019).
Effects of the noise pollution
Due to the prolonged exposure to noise pollution my father developed hearing impairment, which persists to date. similarly, my late grandfather suffered from poor memory and recall of events. Family members could not sleep well due constant disturbance from the aircrafts’ noise. One of my uncles even died from chronic heart disease that was caused and aggravated by the aircraft noise pollution (Pearson & Clarke, 2019). My late grandfather suffered from severe stress and was killed in a work place accident due to being disoriented at work as a result of inadequate sleep. My grandmother also suffered from insomnia which was caused by the lack of enough sleep due to the aircraft noise. As a result, the quality of life of most members of the family was negatively affected. For example, to date, my father uses hearing aids to facilitate his communication, whereas my grandmother is constantly on medication to enable her sleep well at night (Pearson & Clarke, 2019).
The best way to reduce aircraft noise pollution
There are various strategies that can be adopted to reduce aircraft noise pollution. Aviation authorities should develop a program of aircraft noise control, which spells out relevant strategies that should be adhered to minimize noise pollution. One of the strategies should be to ensure no one lives near an aircraft pathway near an airport. This would limit the number of people who suffer from noise pollution. Aviation companies should be also encouraged to use quieter airplanes that release less noise to the environment (Pearson & Clarke, 2019). Additionally, human dwellings places near airports should be fitted with sound proof materials to ensure that occupants do not suffer from noise pollution caused by aircrafts. Moreover, operational flight control measures should be geared towards reducing air pollution in airports. Lastly, land use strategies should ensure sufficient land is set aside to ensure airport so that residential areas are free from noise (Foraster et al., 2017).
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