Social Costs of Markets and Economic Theory

2014-01-07 Political Science

Author : Frederic S. Lee
Release : 2014-01-07
Genre : Political Science
Kind : eBook
Book Rating : 383/5 ( reviews)

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Book Synopsis Social Costs of Markets and Economic Theory by : Frederic S. Lee

Download or read book Social Costs of Markets and Economic Theory written by Frederic S. Lee. This book was released on 2014-01-07. Available in PDF, EPUB and Kindle. Book excerpt: This book deals with the social costs of markets from a heterodox perspective. It deals with the degrading of work, decline of community, and rising income inequality in the United States as markets and especially financial markets come to dominate society. Of course, if there is an attempt to point out the social costs of markets, the response of mainstream economists is to silence the critics or even in Orwellian fashion redefine their critiques so as to eliminate any negative comments about markets. While critique is necessary, there also needs to be a constructive agenda, that is, the developing of an alternative, heterodox economic theory. So overall the book presents a critique of the social costs markets and the beginning of a heterodox economic theory of how the capitalist market system actually works.

The Heterodox Theory of Social Costs

2015-07-30 Business & Economics

Author : K. William Kapp
Release : 2015-07-30
Genre : Business & Economics
Kind : eBook
Book Rating : 378/5 ( reviews)

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Book Synopsis The Heterodox Theory of Social Costs by : K. William Kapp

Download or read book The Heterodox Theory of Social Costs written by K. William Kapp. This book was released on 2015-07-30. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Social Costs and Public Action in Modern Capitalism

2007-01-24 Business & Economics

Author : Wolfram Elsner
Release : 2007-01-24
Genre : Business & Economics
Kind : eBook
Book Rating : 35X/5 ( reviews)

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Book Synopsis Social Costs and Public Action in Modern Capitalism by : Wolfram Elsner

Download or read book Social Costs and Public Action in Modern Capitalism written by Wolfram Elsner. This book was released on 2007-01-24. Available in PDF, EPUB and Kindle. Book excerpt: The Social Costs approach to the globalised capitalist market economy has gained new relevance in recent years. The present situation is one of widespread and increasing deterioration of the social, cultural, democratic, and environmental frameworks of advanced capitalist market societies. This deterioration is indicated by the threats of unemployment, precarious working conditions and increasing income/status inequality, uneven geographical developments, and the exploitation and undermining of the institutional fabric of the society. It is aggravated by the rapid extension - at local, national, regional and global scales - of ecological disruption. So the global capitalist market economy is characterised by a great deal of instability and so-called true uncertainty, which largely undermine its coordinating and welfare-enhancing capacity. The view suggested by Karl William Kapp’s seminal evolutionary open-systems approach is that these processes and problems are the outcome of a widening gap between private individualist economic, and societal values or, to use Karl Polanyi’s terms, of the ever increasing disembeddedness of the economy from society and of the subjugation of society to the economy. The key actor in this process is business or, more specifically, it is the increasingly dominant, globalised, deregulated and disembedded hierarchical and power system of business enterprise. Current analyses of the global capitalist market economy are overdue to be undertaken making use of the powerful analytic frame of Karl William Kapp’s open systems economics. ‘Social Costs and Public Action in Modern Capitalism’ examines this approach from a theoretical, conceptual, empirical, policy and case study level.

Social Cost

2024-04-15 Business & Economics

Author : Fouad Sabry
Release : 2024-04-15
Genre : Business & Economics
Kind : eBook
Book Rating : /5 ( reviews)

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Book Synopsis Social Cost by : Fouad Sabry

Download or read book Social Cost written by Fouad Sabry. This book was released on 2024-04-15. Available in PDF, EPUB and Kindle. Book excerpt: What is Social Cost Social cost in neoclassical economics is the sum of the private costs resulting from a transaction and the costs imposed on the consumers as a consequence of being exposed to the transaction for which they are not compensated or charged. In other words, it is the sum of private and external costs. This might be applied to any number of economic problems: for example, social cost of carbon has been explored to better understand the costs of carbon emissions for proposed economic solutions such as a carbon tax. How you will benefit (I) Insights, and validations about the following topics: Chapter 1: Social cost Chapter 2: Microeconomics Chapter 3: Monopoly Chapter 4: Perfect competition Chapter 5: Deadweight loss Chapter 6: Free-rider problem Chapter 7: Externality Chapter 8: Market failure Chapter 9: Social credit Chapter 10: Profit maximization Chapter 11: Cost Chapter 12: Marginal cost Chapter 13: Pigouvian tax Chapter 14: Allocative efficiency Chapter 15: Marginal revenue Chapter 16: Shadow price Chapter 17: Market distortion Chapter 18: Profit (economics) Chapter 19: Spillover (economics) Chapter 20: Economics of science Chapter 21: Stock exchange (II) Answering the public top questions about social cost. (III) Real world examples for the usage of social cost in many fields. Who this book is for Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of Social Cost.

Cost and Choice

1978 Business & Economics

Author : James M. Buchanan
Release : 1978
Genre : Business & Economics
Kind : eBook
Book Rating : 183/5 ( reviews)

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Book Synopsis Cost and Choice by : James M. Buchanan

Download or read book Cost and Choice written by James M. Buchanan. This book was released on 1978. Available in PDF, EPUB and Kindle. Book excerpt: "As he usually does, Professor Buchanan has produced an interesting and provocative piece of work. [Cost and Choice] starts off as an essay in the history of cost theory; the central ideas of the book are traced to Davenport and Knight in the United States, and to a series of distinguished writers associated at various times with the London School of Economics. The author emerges from this discussion with what can be described as the ultimate in subjectivist cost doctrines. . . . Economists should learn the lessons offered to us in this little book—and learn them well. It can save them from serious errors."—William J. Baumol, Journal of Economic Literature

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Social Costs of Markets and Economic Theory

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