Externalities

I cannot resist boasting of one trick that i used to assure that students would get to class on time. At the second meeting of the class, one or more students would invariably come in late. When each did so, I would stop the person and say something like, "If you come in late, you impose costs on all other members in the class. If you simply stay away, you impose costs only on yourself. Hereafter, if you cant arrive on time, why don't you simply skip the class?" By that device, I assured prompt attendance and also implcitly taught a fundamental economic concept: external effects.

-Milton Friedman

And you noe what i am talking about huh? Something i got from my lecture notes. Very able to relate to the concept. If wad u read actually strike a chord, it's high time u do smth abt it. If not..