Social Cost

The social cost of a product represents the total human time which has to be spent for the production of the product, as well as for the production of all the necessary production resources. This definition is closely related to the concept of "value" in classical economic theory: A. Smith, D. Ricardo, K. Marx, (see also However, here we are interested in the "social cost" as a stand-alone concept, regardless from both the definition of "value" and the relevant theoretical debate.