The Making of the Institutional Theory of Social Costs: Discovering the K. W. Kapp and J. M. Clark Correspondence.

This article reconstructs the making of the often 'overlooked' institutional theory of social costs based on the unexploited correspondence between John Maurice Clark and Karl William Kapp. The reconstruction demonstrates that the institutional argument on social costs was developed as a critique of neoclassical economics and of post- WWII neoliberalism. [ABSTRACT FROM AUTHOR]