On their way to Phil’s father’s wedding, Phil asks his family to dress like 1920 gangsters, but it seems like they are the only guests there in costume. Phil is notorious for embarrassing his family and each member relates a time Phil did something that made him happy, but imposed social costs on others. It’s clear that Phil’s decision to focus on his private costs and benefits are not taking into the account the social cost he is imposing on his family members.
See more: externalities, negative externalities, private benefits, private costs, social costs
Economics of Modern Family 