Articles
Externality and Macroprudential Policy: A View of History of Economic Thought on Externality
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AuthorJaehong Hwang (Mokwon University)
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Year2025
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VolumeVol.73
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NumberNo.1
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The purpose of this paper is to examine the concept of externality and the relationship between externality and policy intervention from the perspective of the history of economics, in light of the emergence of discussions on macroprudential policies based on externality. The content of this paper is largely twofold. One is to trace how the concept of externality has been created and changed in economics literature. Through this, it is intended to help us understand the discussion on macroprudential policies based on externality more rigorously. The other is to introduce the perspectives of moral philosophers on externality and policy intervention. Through this, it is intended to help us expand the perspective of economics on externality and policy intervention.
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