Capitalism uses the concept of externalities to ignore and/or hide the actual costs of any business project. This posits those costs onto an outside (unstated) agent–usually to be discovered as costs to be born by the rest of the world. It is time to stop this practice and require actual costs to be accounted for by the people who create them. Environmental costs, health costs, stolen profits, political costs, job losses: all are dismissed with impunity. They are not minimal and thus ought not to be ignored. They are not actually external to anything but the limited liability of the corporation that creates them.
I am starting this blog not because the world is in desperate need of another, but because it may force me to write on this topic.
Some years ago I worked for a convenience store chain. In the course of my duties there I had occasion to come in contact with the concept of cost accounting. I was particularly taken with the differences between retail accounting and cost accounting. I came to greatly respect this latter approach and began to apply its concepts to a great many disparate areas. This blog will hopefully explain some of that thinking.