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Karl William Kapp - The Social Costs of Business Enterprise (1963)

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To ignore social costs because they require an evaluation by society... and to leave social losses out of account because they are 'external' and 'non-economic' in character, would be equivalent to attributing no or 'zero' value to all social damages which is no less arbitrary and subjective a judgement than any positive or negative evaluation of social costs.

Karl William Kapp
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Social costs... are all direct and indirect losses sustained by third persons or the general public as a result of unrestrained economic activities.

Karl William Kapp

Quote of the day

What we observe is not nature itself but nature exposed to our method of questioning. Our scientific work in physics consists in asking questions about nature in the language that we possess and trying to get an answer from experiment by the means that are at our disposal.
Werner Heisenberg

Karl William Kapp

Karl William Kapp

Born: October 27, 1910
Died: April 4, 1976 (aged 65)
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