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About: Karl William Kapp     Goto   Sponge   NotDistinct   Permalink

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Karl William Kapp (October 27, 1910 – April 4, 1976) was a German-American economist and Professor of Economics at the City University of New York and later the University of Basel. Kapp's main contribution was the development of a theory of social costs that captures urgent socio-ecological problems and proposes preventative policies based on the precautionary principle. His theory is in the tradition of various heterodox economic paradigms, such as ecological economics, Marxian economics, social economics, and institutional economics. As such, Kapp's theory of social costs was directed against neoclassical economics and the rise of neoliberalism. He was an opponent of the compartmentalization of knowledge and championed, instead, the integration and humanization of the social sciences.