Editing Externality (section)

===Inframarginal===
The concept of inframarginal externalities was introduced by James Buchanan and Craig Stubblebine in 1962.<ref>{{Citation |last1=Liebowitz|first1=S.J. |last2=Margolis|first2=Stephen E. |title=Network Externality: An Uncommon Tragedy |work=Journal of Economic Perspectives |pages=133–150}}</ref> Inframarginal externalities differ from other externalities in that there is no benefit or loss to the marginal consumer. At the relevant margin to the market, the externality does not affect the consumer and does not cause a market inefficiency. The externality only affects at the inframarginal range outside where the market clears. These types of externalities do not cause inefficient allocation of resources and do not require policy action.