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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.
Since the Global Financial Crisis, economics has been under greater
public scrutiny, revealing a crisis in the discipline. This
represented a potential turning point on how economics should be
thought and taught. Heterodox economics has played a prominent role
in these discussions revolving around new economics thinking and
pluralism in economics. Yet, its identity, aspirations, and
pedagogy remain underexplored, contested, and somewhat opaque. This
volume brings together sixteen interviews with leading economists
to understand what heterodox economics is. How and why does an
economist become heterodox? In which way do heterodox economists
see themselves as 'different' from mainstream economics? The
interviews shed light on what problems heterodox economists
perceive in the mainstream; elucidate the different contexts under
which they operate in higher education; and provide insights on
their ontology and methodology. The reader will also find answers
to the following questions about the nature and state of heterodox
economics: Do heterodox economists have particular intellectual
journeys, motives and aspirations? Is this reflected in their
teaching practices and strategies to achieve social change? What is
the relation between heterodox economics and the humanities and
arts? Appealing to a diverse audience, including philosophers,
sociologists and historians of economic thought, the book will be
of great interest to anyone keen to find out more about the
internal discussions in the economics discipline.
This thought-provoking volume presents essays on the foundations of
non-equilibrium economics, i.e. the principle of circular
cumulative causation (CCC). This work presents empirical research
on how the interplay of technology's increasing returns to scale,
institutions, resources, and economic policy leads to virtuous
circles of economic growth and development, but also to vicious
circles of social and ecological degradation. In particular,
evidence is provided for the important role of the "development
state" and strategic trade policy, economies of large-scale
production in manufacturing, the regional level of development and
community-based resource management regimes. While demonstrating
CCC's strength in generating empirical research, the book also
provides insights into its philosophical foundations and
intellectual history. Several essays trace the roots of this
full-fledged theoretical framework back to Adam Smith, Classical
Political Economy, Thorstein Veblen, Gunnar Myrdal, K. William Kapp
and Nicholas Kaldor. As the most comprehensive collection of the
growing body of CCC research to date, this book also reflects the
emergence of an economic paradigm for understanding economic
dynamics and for crafting viable development strategies for the
21st century. The volume will be of great interest to scholars of
growth and development economics, institutional and evolutionary
economics, political economy, and Post Keynesian economics from
undergraduate to postgraduate research levels.
This is a ground-breaking book about the foundations of
institutional economics. K. William Kapp presents the economic role
of institutions for economic development, capital formation and
technological dynamics in an easily accessible and comprehensive
manner. As a front-rank 20th century institutional economist, Kapp
pulls together arguments from a variety of sources, including
Thorstein Veblen, John Kenneth Galbraith and Gunnar Myrdal, all of
which emphasize the crucial role of institutions. The author
cements institutional economics as a distinct and coherent
framework of analysis to effectively address urgent socio-economic
problems, such as environmental disruption and sustainable
development. This book begins with a critique of conventional
(neoclassical) economics and an overview of the antecedents of
institutional economics. The core of the book is formed by the
chapters on institutions, human economic behavior and needs,
arguing that institutional change is key to directing economic
development towards sustainable and adequate living conditions,
rather than merely formal growth formulas. The final chapters
provide the reader with the institutional theories of capital and
technology, showing how capital formation and technological
dynamics are determined by institutions, such as the principle of
investment for profit. The appendix complements Kapp's plea for
institutional change with articles on science and technology,
social costs, substantive economics, and circular and cumulative
causation. This book is suited for readers at all levels who are
interested in institutional economics, the history of economics
thought, political economics as well as ecological and heterodox
economics. Researchers and students will find it to be an easily
accessible and a concise elaboration on the foundations of
institutional economics.
This is a ground-breaking book about the foundations of
institutional economics. K. William Kapp presents the economic role
of institutions for economic development, capital formation and
technological dynamics in an easily accessible and comprehensive
manner. As a front-rank 20th century institutional economist, Kapp
pulls together arguments from a variety of sources, including
Thorstein Veblen, John Kenneth Galbraith and Gunnar Myrdal, all of
which emphasize the crucial role of institutions. The author
cements institutional economics as a distinct and coherent
framework of analysis to effectively address urgent socio-economic
problems, such as environmental disruption and sustainable
development. This book begins with a critique of conventional
(neoclassical) economics and an overview of the antecedents of
institutional economics. The core of the book is formed by the
chapters on institutions, human economic behavior and needs,
arguing that institutional change is key to directing economic
development towards sustainable and adequate living conditions,
rather than merely formal growth formulas. The final chapters
provide the reader with the institutional theories of capital and
technology, showing how capital formation and technological
dynamics are determined by institutions, such as the principle of
investment for profit. The appendix complements Kapp's plea for
institutional change with articles on science and technology,
social costs, substantive economics, and circular and cumulative
causation. This book is suited for readers at all levels who are
interested in institutional economics, the history of economics
thought, political economics as well as ecological and heterodox
economics. Researchers and students will find it to be an easily
accessible and a concise elaboration on the foundations of
institutional economics.
This thought-provoking volume presents essays on the foundations
of non-equilibrium economics, i.e. the principle of circular
cumulative causation (CCC). This work presents empirical research
on how the interplay of technology's increasing returns to scale,
institutions, resources, and economic policy leads to virtuous
circles of economic growth and development, but also to vicious
circles of social and ecological degradation. In particular,
evidence is provided for the important role of the "development
state" and strategic trade policy, economies of large-scale
production in manufacturing, the regional level of development and
community-based resource management regimes. While demonstrating
CCC's strength in generating empirical research, the book also
provides insights into its philosophical foundations and
intellectual history.? Several essays trace the roots of this
full-fledged theoretical framework back to Adam Smith, Classical
Political Economy, Thorstein Veblen, Gunnar Myrdal, K. William Kapp
and Nicholas Kaldor.
As the most comprehensive collection of the growing body of CCC
research to date, this book also reflects the emergence of an
economic paradigm for understanding economic dynamics and for
crafting viable development strategies for the 21st century. The
volume will be of great interest to scholars of growth and
development economics, institutional and evolutionary economics,
political economy, and Post Keynesian economics from undergraduate
to postgraduate research levels.
Since the Global Financial Crisis, economics has been under greater
public scrutiny, revealing a crisis in the discipline. This
represented a potential turning point on how economics should be
thought and taught. Heterodox economics has played a prominent role
in these discussions revolving around new economics thinking and
pluralism in economics. Yet, its identity, aspirations, and
pedagogy remain underexplored, contested, and somewhat opaque. This
volume brings together sixteen interviews with leading economists
to understand what heterodox economics is. How and why does an
economist become heterodox? In which way do heterodox economists
see themselves as 'different' from mainstream economics? The
interviews shed light on what problems heterodox economists
perceive in the mainstream; elucidate the different contexts under
which they operate in higher education; and provide insights on
their ontology and methodology. The reader will also find answers
to the following questions about the nature and state of heterodox
economics: Do heterodox economists have particular intellectual
journeys, motives and aspirations? Is this reflected in their
teaching practices and strategies to achieve social change? What is
the relation between heterodox economics and the humanities and
arts? Appealing to a diverse audience, including philosophers,
sociologists and historians of economic thought, the book will be
of great interest to anyone keen to find out more about the
internal discussions in the economics discipline.
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.
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