The Heterodox Theory of Social Costs: By K. William Kapp (Routledge Advances in Heterodox Economics)

Book Details

• Author: K. William Kapp

• Publisher: Taylor & Francis Ltd

• Language: English

• Binding: Paperback

• ISBN: 9781138299351

• Pages: 180

• Dimensions: 9.1 x 6.1 x 0.6 inches

About the Book

K. William Kapp’s Heterodox Theory of Social Costs offers a critical exploration of the economic theory of social costs. The book challenges mainstream economic thought, particularly neoclassical economics, and presents Kapp’s alternative vision of precautionary planning to mitigate social costs and provide broader social benefits. Kapp's theory emphasizes socio-ecological safety standards to safeguard basic human needs, drawing from the work of prominent thinkers like Thorstein Veblen, Karl Marx, and Max Weber.

Key Themes:

• Social Costs of Markets: The book explores how markets create systemic and large-scale damages, critiquing neoclassical economics for its inability to address these issues.

• Refuting Neoclassical Solutions: Kapp critiques traditional approaches like bargaining, taxation, and tort law, presenting them as ineffective and overly reliant on market forces.

• Social Benefits of Environmental Controls: The work highlights the importance of environmental regulations and development planning as remedies to mitigate social costs.

• Governance of Science and Technology: Kapp underscores the need for governance frameworks to regulate scientific advancements and technological standards that shape society.

Features:

• Heterodox Economic Framework: The book introduces Kapp’s heterodox theory of social costs as a coherent approach to addressing contemporary socio-ecological crises.

• Practical Application: Focuses on how Kapp’s ideas can guide policies and practices for sustainable social development and ecological safety.

Who Should Read This Book:

This volume is ideal for readers interested in heterodox economics, the history of economic thought, and the theory of social costs. It is suitable for scholars, students, and anyone concerned with contemporary socio-ecological challenges and the role of economic systems in addressing them.

Kapp’s work provides valuable insights for those interested in alternative economic theories and practical solutions to global social and environmental issues.