K. William Kapp

K. William Kapp was a prominent economist and social theorist who contributed significantly to the understanding of welfare economics and the relationship between economics and social issues. He is best known for his critiques of traditional economic models, emphasizing the importance of social costs and benefits in economic decisions. Kapp argued that economic activities often lead to indirect effects that can harm society, such as environmental damage. His work highlights the need for policies that consider these broader impacts, advocating for a more integrated approach to economic theory that accounts for social well-being alongside profit maximization.