Charles Wheelan has not specifically discussed the strengths and weaknesses of externalities in his works. However, based on his economic views, we can infer some possible perspectives.
Strengths: Externalities can lead to innovation and growth. For example, a positive externality could be the development of new technologies that benefit society.
Weaknesses: Externalities can lead to market failures. Negative externalities, such as pollution, represent costs not accounted for in the market price, leading to overproduction and inefficiency.
Remember, these are inferred views based on Wheelan's general economic philosophy and may not represent his exact thoughts on externalities.
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