This book deals with the current crises from a somewhat different the usual perspectives. It claims that causes and policy implications of these crises cannot be properly assessed by focusing on allocative efficiency or income growth alone; it requires a more general approach, based on social costs. It does not deal with social costs according to the Pigouvian or the Coasian traditions. It draws on the work of Original Institutional Economics (OIE) such as Thorstein Veblen, Karl William Kapp, and Karl Polanyi, on Post-Keynesians such as Hyman Minsky and, in general, on authors who have provided insights beyond the conventional wisdom of economic thought.

This book deals with the current crises from a somewhat different the usual perspectives. It claims that causes and policy implications of these crises cannot be properly assessed by focusing on allocative efficiency or income growth alone; it requires a more general approach, based on social costs. It does not deal with social costs according to the Pigouvian or the Coasian traditions. It draws on the work of Original Institutional Economics (OIE) such as Thorstein Veblen, Karl William Kapp, and Karl Polanyi, on Post-Keynesians such as Hyman Minsky and, in general, on authors who have provided insights beyond the conventional wisdom of economic thought.

The social cost of carbon (SC-CO2) is an economic metric intended to provide a comprehensive estimate of the net damages - that is, the monetized value of the net impacts, both negative and positive - from the global climate change that results from a small (1-metric ton) increase in carbon-dioxide (CO2) emissions. Under Executive Orders regarding regulatory impact analysis and as required by a court ruling, the U.S. government has since 2008 used estimates of the SC-CO2 in federal rulemakings to value the costs and benefits associated with changes in CO2 emissions. In 2010, the Interagency Working Group on the Social Cost of Greenhouse Gases (IWG) developed a methodology for estimating the SC-CO2 across a range of assumptions about future socioeconomic and physical earth systems. Valuing Climate Changes examines potential approaches, along with their relative merits and challenges, for a comprehensive update to the current methodology. This publication also recommends near- and longer-term research priorities to ensure that the SC- CO2 estimates reflect the best available science.

The distribution of food played a considerable yet largely unrecognized role in the economic history of Victorian and Edwardian Britain. In the midst of rapid urbanization and industrialization, retail competition intensified and the channels by which food made it to the market became vital to the country's economic success. Illustrating the pivotal importance of food distribution in Britain between 1830 and 1914, The Social Cost of Cheap Food argues that labour exploitation in the distribution system was the key to cheap food. Through an analysis of labour dynamics and institutional changes in the distributive sector, Sébastien Rioux demonstrates that economic development and the rising living standards of the working class were premised upon the growing insecurity and chronic poverty of street sellers, shop assistants, and small shopkeepers. Rioux reveals that food distribution, far from being a passive sphere of economic activity, provided a dynamic space for the reduction of food prices. Positing food distribution as a core element of social and economic development under capitalism, The Social Cost of Cheap Food reflects on the transformation of the labour market and its intricate connection to the history of food and society.