The Heterodox Theory of Social Costs

K. William Kapp, Sebastian Berger

• Publisher: Routledge
• Year: 2015
• ISBN:
  9781317682363
• Edition: 1
• Topic: Business
• Subtopic: Business General
• Index: Business

K. William Kapp's heterodox theory of social costs proposes precautionary planning to pre-empt social costs and provide social benefits via socio-ecological safety standards that guarantee the gratification of basic human needs.

Based on arguments from Thorstein Veblen, Karl Marx, and Max Weber, social costs are conceptualized as systemic and large-scale damages caused by markets. Kapp refutes neoclassical solutions, such as bargaining, taxation, and tort law, unmasking them as ineffective, inefficient, inconsistent, and too market-obedient.

The chapters of this book present the social costs of markets and neoclassical economics, the social benefits of environmental controls, development planning, and the governance of science and technological standards. This book demonstrates the fruitfulness of the heterodox theory of social costs as a coherent framework to develop effective remedies for today's urgent socio-ecological crises.

This volume is suitable for readers at all levels who are interested in the theory of social costs, heterodox economics, and the history of economic thought.

Table of contents

• Cover Page
• Half Title Page
• Title Page
• Copyright Page
• Dedication
• Table of Contents
• Preface
• 1 Introduction
• 2 The planned economy and international trade
• 3 Social costs and social returns—a critical analysis of the social performance of the unplanned market economy
• 4 Social costs of free enterprise
• 5 Social returns A critical analysis of the social performance of the unplanned market economy
• 6 Towards a new science of political economy
• 7 Social costs and social benefits—a contribution to normative economics
• 8 Discussion between Professor Shibata and Professor Kapp by The Economist
• 9 Towards a normative approach to developmental and environmental planning and decision-making
• 10 Should the development process itself be seen as representing a kind of economic system in newly developing economies today?
• 11 Environmental control and the market mechanism
• 12 Energy and environment Inadequacy of present science and technology policies
• 13 The future of economics
• Index