If you did not internalize the externalities, you would buy the generic brand and save a dollar.
Properly speaking, the individual was related to God only through the externalities of the clan or tribal life, its common temple and its common sacrament.
The new covenant of redeeming grace - the righteousness which is in the heart and not in externalities of legal observance or ceremonial - are once more proclaimed, and the exalted ideals of the suffering servant of Isa.
Externalities are the external effects an action has on society.
To some extent, we have this in the form of high taxes on cigarettes, which are seen to have negative externalities, and a home interest deduction on income taxes, as home ownership is viewed as having positive social good.