Abstract
Karl William Kapp (1910-76) criticizes the conventional dichotomy of "technological and pecuniary externalities" upheld by economics. He argues that there is constant interaction between technology and market, and explains that both act as cause and effect, producing multiple social costs mixed with recession and environmental problems. If one were to acknowledge such interaction, this would lead to a different way of viewing, for example, monopolies, which have been subject to a one-sidedly negative perception in traditional economics. Kapp also argues that we may find the conflict between proponents of economic growth and environmental conservationists to be no more than superficial.
