Why do developed and developing countries differ in terms of the level of pollution? -Evidence-based statistics: Possible theory to understand pollution model

Topic: Pollution, being a demerit good, imposes negative spillover effects over society; adversely affecting the environment, and public health. There are private costs incurred by the producers as well as the external social cost to be borne by the consumers. A Marginal cost-benefit analysis to identify welfare loss to the society