Before talking about sustainability, it is more important to know what an externality is. An externality, an effect which is created from a transaction between a buyer and a seller, directly influences a third party. In our daily life, many transactions are made among people, and these transactions can cause both positive and negative externalities. According to Jeff Butcher and Rachel Hill (n.d), positive externalities stand for benefits, and negative externalities stand for the costs that are related to the production or consumption of goods and services. Obviously, the negative externalities caused from those transactions are much higher than the positive externalities. Many environmental concerns are drawn from pollution, toxicity, greenhouse gas emissions, natural resources and the loss of ecosystem services. This is because most people hav...
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