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4. Negative Externalities, Transport Policy and Congestion Charging Theory Congestion charging is one method that seeks to correct a negative externality by what is known as internalising the externality. An externality is an impact on a third party of a decision. In this case study, the decision is that of people who have chosen to use their cars as a means of transport into central London, causing congestion which has an impact on a wide range of other people - businesses, individuals, hospitals, emergency services, police and so on. The combined cost of all the third party effects is a considerable sum. One of the problems of working in this area of economics is calculating the costs of such decisions. Congestion, for example, creates various problems: Pollution - the number of cars emitting pollutants into the atmosphere. Waste - the petrol being used when cars are at a standstill and engines are being used inefficiently. Time lost for those who are working and arrive late to work, meetings, making deliveries and so on. The cost for freight transporters in having to adjust times for deliveries and collection etc. to cope with the congestion - including the cost of the wages of the drivers, fuel use, etc. The wear and tear on the roads of the number of vehicles using them. Cost to the NHS of having to treat people with respiratory diseases - the UK has the highest incidence of asthma amongst young people in Europe - and the cost of treating people involved in vehicle accidents. Cost to employers of people missing work through stress that can occur when people have to commute every day and get frustrated by their apparent lack of progress. The cost of policing the roads in and around the capital. In many cases it is very difficult to be specific about the extent of these costs but estimates can be made. In 1997, for example, Friends of the Earth reported that the estimate for the cost of traffic congestion in London was ￡37 million per week or over ￡2 bill