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Certainly Marshall made much of externalities in his discussions 
of industrial organization. He used the very term.  But the idea?  Third 
party effects.  Market failure respecting the expression of opportunity 
costs.  The common pool problem.  Certainly Rae was aware of the 
spill-over effects of imported technology. One would think that these 
ideas could be found in some form scattered through the literature from 
the seventeenth century, if not before. 
 
Robin Neill 
 
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