For over 50 years economists have argued that where private costs or benefits differ from social costs or benefits - in noise, smells, congestion, pollution of

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

K. William Kapp’s heterodox theory of social costs proposes precautionary planning to pre-empt social costs and provide social benefits via socio-ecological s