Business: An employee's sick leave cost, the new hiring cost, including training cost if needed, medical insurance premium increase cost (need asks insurance professional for their formula), the company productivity loss due to an employee cannot perform his job due to sickness, etc.
Individual: Medical cost, loss income, hire extra labor to help are easy to calculate. But, the worry, the whole family productivity loss, patient's life quality difference may be hard to evaluate.
Extra medical loss: To compare the right treatment vs the wrong treatment medical cost. It's complicated. Need to correct a big date. The data is not only from insurance companies. But, may be more directly is pick up a chronic disease to compare with the private, independent clinic that does not accept insurance. Usually, they charge more but have more effective treatments.
The right treatment healer's loss: Use me as an example, to save lives, I invested all of my retirement funds, lost decades accumulated assets, under debts still need to save lives. So, I am considering canceling my license. In order to save lives, I spend time on RG to talk. If convert the time to make money on my other talents, it's an uncountable loss to me.
Social loss: To share the cost of the medical research cost, health care professional cost, social benefits paid to the patient of the wrong treatments without invest to the other useful items such as education for all levels, poverty's help, public constructions to maintain or invest, environmental pollution and its induced diseases, environmental damages, odd research to add painful life or live under scaring of the other creatures that are under lab test, etc.,
An easily treatable disease can be well treated with limited visits. But, under prescription drugs become lifelong treatments and the patient ended in organ failures, tubes are inserted, how to evaluate the differences? To the patient, it's heaven and hill's differences
Please go to drugs.com to look at each drug. The drug treats high blood pressure can have the side effect of high blood pressure plus many other symptoms. For the new induced symptoms, need to add more drugs..... Prevent liver cancer drug can cause liver cancer. Are they smart and ethical research?
Can the universe accept the unreasonable treatments in the long run without any karma? Can any of the researcher and health care professional on the wrong side without his conscious blame? Once the patient's health is getting worse, why not looking for the right treatment for the patient? If the MD gets the same disease, why he does not use his treatments to treat himself but uses a different way to naturally end his life?
Confucius said that anything if you do not want, why add to the others? Why do not ask self, do you meet this request to treat the patients? If not, consider how to correct it to make up the other's loss ASAP.
With positive respect about this case doesn't view social activities however more than social impact from business activities.
If you make correct definition, meaningful in all respect, of the social cost (or anything) as fundamental basics, you can measure it.
Business: An employee's sick leave cost, the new hiring cost, including training cost if needed, medical insurance premium increase cost (need asks insurance professional for their formula), the company productivity loss due to an employee cannot perform his job due to sickness, etc.
Individual: Medical cost, loss income, hire extra labor to help are easy to calculate. But, the worry, the whole family productivity loss, patient's life quality difference may be hard to evaluate.
Extra medical loss: To compare the right treatment vs the wrong treatment medical cost. It's complicated. Need to correct a big date. The data is not only from insurance companies. But, may be more directly is pick up a chronic disease to compare with the private, independent clinic that does not accept insurance. Usually, they charge more but have more effective treatments.
The right treatment healer's loss: Use me as an example, to save lives, I invested all of my retirement funds, lost decades accumulated assets, under debts still need to save lives. So, I am considering canceling my license. In order to save lives, I spend time on RG to talk. If convert the time to make money on my other talents, it's an uncountable loss to me.
Social loss: To share the cost of the medical research cost, health care professional cost, social benefits paid to the patient of the wrong treatments without invest to the other useful items such as education for all levels, poverty's help, public constructions to maintain or invest, environmental pollution and its induced diseases, environmental damages, odd research to add painful life or live under scaring of the other creatures that are under lab test, etc.,
An easily treatable disease can be well treated with limited visits. But, under prescription drugs become lifelong treatments and the patient ended in organ failures, tubes are inserted, how to evaluate the differences? To the patient, it's heaven and hill's differences
Please go to drugs.com to look at each drug. The drug treats high blood pressure can have the side effect of high blood pressure plus many other symptoms. For the new induced symptoms, need to add more drugs..... Prevent liver cancer drug can cause liver cancer. Are they smart and ethical research?
Can the universe accept the unreasonable treatments in the long run without any karma? Can any of the researcher and health care professional on the wrong side without his conscious blame? Once the patient's health is getting worse, why not looking for the right treatment for the patient? If the MD gets the same disease, why he does not use his treatments to treat himself but uses a different way to naturally end his life?
Confucius said that anything if you do not want, why add to the others? Why do not ask self, do you meet this request to treat the patients? If not, consider how to correct it to make up the other's loss ASAP.
In political economics, defining a cost of products or services is a fundamental task. We know only one successful case - in a free market economies the product cost is defined through millions and millions of sell/buy transactions. The former USSR failed to define correctly the cost of the product, as they forbade a free market economy. As a result, the whole country badly failed economically, and had to change the course towards the free market economical and political system.
There are successful cases in sciences, when it was possible to accurately define a simple practical procedure to do so - it is the probability theory (a probability was numerically defined) and the information theory (where a unit of information 'bit' was also numerically defined}. Since then, both theories became powerful scientific and engineering tools producing vitally important results.
Social cost cannot be defined in a free market economy, unless social services are used and considered as any other service. That would mean a competition, a probability to gain and to loose, change of ownership, whereas environmental and medical protections are tightly administered by the governments, and to a large extent budgeted by the governments with the taxpayers' money.
It is a very stiff administrative and highly bureaucratic system that is next to impossible to make accountable to anything. So, I do not think it is possible, unless the social services are made a part of a free market economy. Then, the social expenses would be calculated as any other ones. Perhaps, we eventually see some changes in this direction.
Thanks All for your response and views however we still continue discuss this case in the project. Keep in touch
I have not pursued the topic of measuring social costs. Accountants are best equipped and they have pursued this off and on. I have not seen the recent literature on this topic.
I add response and views from
Heather Douglas PhD
https://www.researchgate.net/publication/280206494_Douglas_Grant_Social_Entrepreneurship_and_Enterprise_Tilde?focusedCommentId=590ecd8f1042bfdeb83f9982
'I think the cost involved - in time and effort - to accurately 'measure' something like 'social cost' is huge - and it is hardly worth doing if a concept is not measured accurately. Measuring something is not always what we want to do, and it is certainly not always the most useful thing we can do. We can evaluate the social cost quite accurately e.g. the effects of inequality of social exclusion, but that is not the same as measuring it'
Data Douglas & Grant Social Entrepreneurship and Enterprise Tilde
The easiest way to measure or add the reference is to measure the moral index of the health care professionals, the patients, the researchers, grant givers and policy makers. That's the real root problem with the results of the final medical cost.
A research without clear up the cause, the costly research will be out of date soon. Due to cost increases too quickly. You need to plan for a long-term research to do a follow-up study.
https://www.researchgate.net/publication/309339578_Responsible_Capitalism
Chapter Responsible Capitalism
Thanks for your response and views all however for me it's impossible to measure social cost. Social cost most important than intangible assets. We just only make calculation after social actions and we called social cost. However there is social expense not social cost. We need to continue discuss about this case with your views not just only answers. Thanks and keep in touch.
https://yosemite.epa.gov/ee/epa/eerm.nsf/vwan/ee-0228c-04.pdf/$file/ee-0228c-04.pdf
Man is an Social animal, without society he can not remain active particularly in active in businesses, profession or in any profit making activities. In his education, progress or entrepreneurship there is a contribution of his family, relatives, friends, teachers, institutions, many more constituting society. It is obligatory moral to return possible in any form either in monetary, social services, establishing any charity or service institutes etc. to the society. In my view this return is the social cost but to measure this is not easy and accurate in any sense and one should not try to such exercise, better to serve the society-humanity in possible better ways. Again in my view the return of obligations may be in sequence like, first comes parents, family members, relatives, friends, society, city, nation and universe. Congratulations to Edwin for posting a noble issue.
The reality is that's a hard job but needed job to wake up people's consciousness to benefit all instead of filling someone's pocket.
In my view the return of Social cost is more significant in some professions like, Academics, Scientists, Medical doctors, Preachers etc. as their efforts are enlightening many individuals and these serves the society in better ways. Many inventions has saved and saving humanity, hence such personalities are noble and social cost is not possible to measure. Every one is returning the social cost-Social Obligations in his life journey, only difference is in quantity and quality.
Concerning social cost, I do think that the work of R.Coase is a solid foundation, i.e. the measurement of externalities.
Social cost can be measured by different methods and debated. Value systems differ and lead to different conclusions. The science is overshadowed by vested interests.
Lack of CSR (corporate social responsibility) will lead you to identify this issue
Because any defect in CSR will lead the company to bear the cost of losing its market share of customers to go to competitors, through this property will determine the social cost of any activity
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