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Karl Polanyi's and K. William Kapp's arguments on social costs: is there a common “revolutionary” raison d'être?

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  • Berger, Sebastian

Abstract

This article examines Karl Polanyi’s and K. William Kapp’s social cost proposals to test their suitability for a “revolutionary” Social Ecological Economics that radically breaks with neoclassical and neoliberal paradigms. Whilst some coherence is revealed in their revolutionary social cost analyses and solutions, this is much messier than previously thought. This messiness is partly due to their different adoptions and reactions to neoclassical and neoliberal arguments and partly due to differences in four key dimensions of social costs: simple vs. system-wide effects, local vs. central solutions, payment vs. prevention strategies, and monetary accounting vs. physical calculation. The coherence in their raison d'être is through 1) the prevention of social costs to secure social provisioning of human needs; 2) a social valuation of lexicographically ordered physical and monetary quantification of social costs; and 3) a qualitative measure as the ultimate concern, that is “social justice” of “Dasein” as a “humanitarian ideal” (Polanyi) and human “dignity” as a qualitative “measure of all things” (Kapp). This reflects their disagreement with neoclassical and neoliberal paradigms through their rejection of monetary economizing as the exclusive definition of the “economy” and for dealing with social costs.

Suggested Citation

  • Berger, Sebastian, 2024. "Karl Polanyi's and K. William Kapp's arguments on social costs: is there a common “revolutionary” raison d'être?," Ecological Economics, Elsevier, vol. 219(C).
    • Handle: RePEc:eee:ecolec:v:219:y:2024:i:c:s0921800924000284
    DOI: 10.1016/j.ecolecon.2024.108131
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    References listed on IDEAS

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    1. Doug Brown, 1987. "A Hungarian Connection: Karl Polanyi’s Influence on the Budapest School," Journal of Economic Issues, Taylor & Francis Journals, vol. 21(1), pages 339-347, March.
    2. Spash, Clive L., 2019. "SEE Beyond Substantive Economics: Avoiding False Dichotomies," Ecological Economics, Elsevier, vol. 165(C), pages 1-1.
    3. James A. Swaney & Martin A. Evers, 1989. "The Social Cost Concepts of K. William Kapp and Karl Polanyi," Journal of Economic Issues, Taylor & Francis Journals, vol. 23(1), pages 7-33, March.
    4. Mirowski, Philip & Nik-Khah, Edward, 2017. "The Knowledge We Have Lost in Information: The History of Information in Modern Economics," OUP Catalogue, Oxford University Press, number 9780190270056.
    5. Sebastian Berger, 2008. "Karl Polanyi's and Karl William Kapp's Substantive Economics: Important Insights from the Kapp-Polanyi Correspondence," Review of Social Economy, Taylor & Francis Journals, vol. 66(3), pages 381-396.
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