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

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