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A Pigouvian tax is a tax imposed on activities that generate negative externalities, which are costs not borne by the producer or consumer but by society at large. The concept was developed by the economist Arthur Cecil Pigou, who argued that when private markets fail to account for social costs, government intervention through taxation can help correct the inefficiency. Negative externalities can include pollution, traffic congestion, ____ _______ ____ ______ ______ _____ ______ ____ ________ ________ _________.
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