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Karl William Kapp (1910-1976) was one of the forefathers of Ecological Economics. Influenced namely by the Frankfurt School, Institutionalist Economics and Pragmatist Philosophy, he contributed to debates on the social costs of production, economic planning, sustainable development and epistemology. In this seminal work, he aims to present a detailed account of social costs, defined as the costs of production that arise under unregulated competition of private businesses which are unaccounted for in corporate accounting and are instead shifted to society that bears these costs as a whole. Unlike externalities, social costs are not presumed to be exceptional, unintentional and minor but rather pervasive, intentional and central to capitalism.