Wealth and money have always gone in slightly different ways. Every positive externality is wealth by your definition, but I unless its internalized I don't get paid for it. (And negative externality are basically stealing or looting.)
To give less abstract examples: I don't get paid for being a good citizen, voting, reading the newspaper to be informed. And I do not pay for being angry, putting a lot of strange gases in the atmosphere with my care (yet), congesting the streets. Or putting systemic risk on the financial world.
There is something to be said for connecting externalities with incentives. Giving the right incentives makes people's choices more compatible with the outcomes.
To give less abstract examples: I don't get paid for being a good citizen, voting, reading the newspaper to be informed. And I do not pay for being angry, putting a lot of strange gases in the atmosphere with my care (yet), congesting the streets. Or putting systemic risk on the financial world.
There is something to be said for connecting externalities with incentives. Giving the right incentives makes people's choices more compatible with the outcomes.