Global Information Lookup Global Information

Social cost information


Social cost in neoclassical economics is the sum of the private costs resulting from a transaction and the costs imposed on the consumers as a consequence of being exposed to the transaction for which they are not compensated or charged.[1] In other words, it is the sum of private and external costs. This might be applied to any number of economic problems: for example, social cost of carbon has been explored to better understand the costs of carbon emissions for proposed economic solutions such as a carbon tax.

Private costs refer to direct costs to the producer for producing the good or service. Social cost includes these private costs and the additional costs (or external costs) associated with the production of the good which are not accounted for by the free market. In short, when the consequences of an action cannot be taken by the initiator, we will have external costs in the society. We will have private costs when initiator can take responsibility for agent's action.[2]

  1. ^ "Federal Reserve Bank of San Francisco"
  2. ^ de V. Graaff J. (1987). "Social Cost". In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London.

and 27 Related for: Social cost information

Request time (Page generated in 0.9131 seconds.)

Social cost

Last Update:

Social cost in neoclassical economics is the sum of the private costs resulting from a transaction and the costs imposed on the consumers as a consequence...

Word Count : 2395

Social cost of carbon

Last Update:

The social cost of carbon (SCC) is the marginal cost of the impacts caused by emitting one extra tonne of carbon emissions at any point in time. The purpose...

Word Count : 4523

Cost

Last Update:

clothes, social insurance, taxes on employment &c. Path cost is a term in networking to define the worthiness of a path, see Routing. Average cost Cost accounting...

Word Count : 1072

Marginal cost

Last Update:

economics, the marginal cost is the change in the total cost that arises when the quantity produced is increased, i.e. the cost of producing additional...

Word Count : 3393

Externality

Last Update:

externality is any difference between the private cost of an action or decision to an economic agent and the social cost. In simple terms, a negative externality...

Word Count : 10630

The Problem of Social Cost

Last Update:

The Problem of Social Cost (1960) is a law review article by Ronald Coase, then a faculty member at the University of Virginia, dealing with the economic...

Word Count : 1478

Transaction cost

Last Update:

In economics and related disciplines, a transaction cost is a cost in making any economic trade when participating in a market. The idea that transactions...

Word Count : 3845

Levelized cost of electricity

Last Update:

The levelized cost of electricity (LCOE) is a measure of the average net present cost of electricity generation for a generator over its lifetime. It...

Word Count : 1719

Sunk cost

Last Update:

In economics and business decision-making, a sunk cost (also known as retrospective cost) is a cost that has already been incurred and cannot be recovered...

Word Count : 4418

Pigouvian tax

Last Update:

marginal cost of the negative externalities. In the presence of negative externalities, social cost includes private cost and external cost caused by...

Word Count : 7324

Ronald Coase

Last Update:

costs to explain the nature and limits of firms; and "The Problem of Social Cost" (1960), which suggests that well-defined property rights could overcome...

Word Count : 4295

Opportunity cost

Last Update:

In microeconomic theory, the opportunity cost of a choice is the value of the best alternative forgone where, given limited resources, a choice needs to...

Word Count : 3815

Cost accounting

Last Update:

Cost accounting is defined by the Institute of Management Accountants as "a systematic set of procedures for recording and reporting measurements of the...

Word Count : 3417

Market failure

Last Update:

conditions important to the market. “The Problem of Social Cost” illuminates a different path towards social optimum showing the Pigouvian tax is not the only...

Word Count : 4622

Carbon price

Last Update:

carbon emissions to stay below the 1.5°C limit. Latest models of the social cost of carbon calculate a damage of more than $300/tCO2 as a result of economy...

Word Count : 4922

Law

Last Update:

 1–44. Coase, The Problem of Social Cost, IV, 7 Coase, The Problem of Social Cost, V, 9 Coase, The Problem of Social Cost, VIII, 23 Cotterrell 1992. Jary...

Word Count : 17399

Environmental economics

Last Update:

game theory, Gonzalez, Marciano and Solal (2019) have shown that in social cost problems involving more than three agents, the Coase theorem suffers...

Word Count : 3986

Carbon emission trading

Last Update:

national carbon market to €63/tCO2 in the EU-ETS. Latest models of the social cost of carbon calculate a damage of more than $3000 per ton CO2 as a result...

Word Count : 11107

Economic analysis of climate change

Last Update:

impacts to society per additional metric tonne of carbon emissions (social cost of carbon) informing decisions about global climate management strategy...

Word Count : 16252

Social media use in politics

Last Update:

a presidential candidate, it also imposes private and social costs. For example, one social cost to consumer is the spread of disinformation which can...

Word Count : 9844

Social media

Last Update:

coverage at a fraction of the cost of traditional marketing campaigns. Nonprofit organizations and activists may also use social media to post content with...

Word Count : 27211

Cost of living

Last Update:

Cost of living is the cost of maintaining a certain standard of living. Changes in the cost of living over time can be operationalized in a cost-of-living...

Word Count : 1460

Coase theorem

Last Update:

transaction costs in a 1966 economics textbook in terms of private and social cost, and for the first time called it a "theorem." Since the 1960s, a voluminous...

Word Count : 6049

Cost curve

Last Update:

by minimizing cost consistent with each possible level of production, and the result is a cost curve. Profit-maximizing firms use cost curves to decide...

Word Count : 3548

Shadow price

Last Update:

Marginal Cost (PMC) is simply the cost of producing the chemicals whereas the Social Marginal Cost (SMC) is the PMC less the net social cost of discarding...

Word Count : 3684

Return on investment

Last Update:

creation that are not revealed through traditional financial reporting. The social cost of carbon is one value that can be incorporated into Return on Integration...

Word Count : 1624

Pseudonym

Last Update:

Whitewashing is one specific form of Sybil attack on distributed systems. The social cost of cheaply discarded pseudonyms is that experienced users lose confidence...

Word Count : 6436

PDF Search Engine © AllGlobal.net