If I could make one change to popular parlance (or perhaps I should say technical jargon), it would be the usage of the word externality. While it is a technically correct description, the framing implied leads to analysis that I don’t think is fundamentally sound.

Markets optimize for products. If something can’t be made into a product wherein the full value and cost to society is express captured within the transaction itself, you generally end up with less than ideal outcomes.

Capitalism is the best system for optimizing for productive efficiency, but creating an abundance of material wealth isn’t quite the same thing as making society as a whole the best that is can be.