Welfare economics: towards a more complete analysis
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| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Basingstoke[u.a.]
Palgrave Macmillan
2004
|
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XIII, 355 S. graph. Darst. |
| ISBN: | 0333971213 9780333971215 |
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MARC
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Record in the Search Index
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| adam_text |
Contents
Preface
ix
List of Abbreviations
xii
List of Symbols
xiii
1
Introduction
1
1.1
What is welfare economics?
2
1.2
Is welfare economics a positive or normative study?
5
1.3
Welfare versus utility
6
1.4
Utility measurability and interpersonal comparability
16
1.5
The organisation of the book
18
1.6
Summary
19
Appendix
1.1:
Basic Value Judgments and Subjective Judgments
of Fact
19
2
Pareto Optimality
26
2.1
The Pareto principle
26
2.2
The conditions for Pareto optimality
28
2.3
The attainment of Pareto optimality
38
2.4
Summary
42
Appendix
2.1:
The First-Order Conditions for Pareto Optimality
43
3
The Direction of Welfare Change: Welfare Criteria
47
3.1
The debate on compensation tests
47
3.2
Taking distribution into account: Little's criterion
52
3.3
The inadequacy of purely distributional rankings
57
3.4
Retreat to purely efficiency comparisons
61
3.5
Quasi-Pareto improvements
62
3.6
Conclusions
64
3.7
Summary
64
4
The Magnitude of Welfare Change: Consumer Surplus
65
4.1
The origin of the concept: Dupuit and Marshall
65
4.2
Hicks' four measures and the average cost difference
66
4.3
Which measure?
70
4.4
Aggregation over commodities: the issue of path dependency
72
4.5
Aggregation over individuals: the Boadway paradox
76
4.6
The approximate nature of surplus measurement
78
vi
Contents
4.7
Consumer surplus
of diamond goods
80
4.8
Some uses of surplus measurement
82
4.9
Summary
85
Appendix
4.1: CV,
EV or Marginal Dollar Equivalent?
86
Appendix
4.2:
Acceptability of the Marshallian Measure
-
The Benchmark Case of a Cobb-Douglas Utility Function
90
5
Social Choice
92
5.1
Arrow's impossibility theorem
92
5.2
The impossibility propositions by Kemp-Ng and Parks
98
5.3
Can the paradox of social choice be resolved?
101
5.4
Revealing the intensity of preferences
107
5.5
A dollar is a dollar: a
90
per cent solution to the paradox of
interpersonal cardinal utility
115
5.6
The possibility of a Paretian liberal
119
5.7
Summary
120
Appendix
5.1:
The Incompatibility of Individualism and Ordinalism
121
6
The Optimal Distribution of Income
127
6.1
Conceptual determination of optimal distribution
127
6.2
Utility illusion
129
6.3
Theories of optimal income distribution and taxation:
Lerner
and Mirrlees
131
6.4
Discussion
135
6.5
Concluding remarks
141
6.6
Summary
143
7
Externality
144
7.1
The concept and classification of externalities
144
7.2
Divergence from optimality and the tax/subsidy solution
147
7.3
Other solutions
152
7.4
The conscience effect
154
7.5
The
Coase
theorem and liability rules
158
7.6
Summary
162
8
Public Goods
164
8.1
Basic characteristics of public goods
164
8.2
Optimality conditions and the financing of public goods
167
8.3
An incentive-compatible mechanism for preference revelation
174
8.4
Income distribution as a peculiar public good: the paradox
of redistribution
180
8.5
Economic theories of clubs
182
8.6
Summary
183
Appendix
8.1:
The Paradox of Redistribution and the Paradox of
Universal Externality
184
Contents
vii
9 First,
Second or Third Best?
187
9.1
The theory of second best
188
9.2
Softening the blow of second best
193
9.3
A theory of third best
196
9.4
Towards a third-best policy
203
9.5
Summary
208
Appendix
9.1:
A Dollar is a Dollar
-
Efficiency, Equity and
Third-Best Policy
208
10
Beyond Marginal Analysis: Perspectives from an
Inframarginal Analysis of the Division of Labour
230
10.1
Towards a more complete welfare economics
230
10.2
Marginal versus inframarginal analysis
231
10.3
Basic inframarginal analysis of the division of labour
232
10.4
The devastating implications of increasing returns on
some traditional conclusions
234
10.5
The Smith dilemma and its resolution
240
10.6
The Pareto optimality of general equilibrium in the
new framework
-
the role of entrepreneurs
243
10.7
Welfare economic issues and the division of labour
246
10.8
Implications
250
10.9
Summary
253
Appendix
10.1:
A Simple Model of the Yang-Ng Framework of
Specialisation
254
11
From Preference to Happiness
257
11.1
Preference economics or welfare economics?
25 7
11.2
Developments that have prompted a reconsideration
261
11.3
A simplified analysis of welfare
275
11.4
Implications and concluding remarks
277
11.5
Summary
282
12
Conclusion: Towards an Interdisciplinary
Study of Welfare?
284
12.1
Further considerations
287
12.2
Towards an interdisciplinary study of welfare
293
12.3
Summary
296
Appendix
12.1:
Notes and References on Some Advanced and
Applied Topics
297
References and Author Index
306
Subject Index
351 |
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| id | DE-604.BV025334404 |
| illustrated | Illustrated |
| indexdate | 2024-12-10T13:01:51Z |
| institution | BVB |
| isbn | 0333971213 9780333971215 |
| language | English |
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| physical | XIII, 355 S. graph. Darst. |
| publishDate | 2004 |
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| spelling | Ng, Yew-Kwang 1942- Verfasser (DE-588)11293255X aut Welfare economics towards a more complete analysis Yew-Kwang Ng Basingstoke[u.a.] Palgrave Macmillan 2004 XIII, 355 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Wohlfahrtstheorie (DE-588)4066735-2 gnd rswk-swf Wohlfahrtstheorie (DE-588)4066735-2 s b DE-604 Digitalisierung UB Regensburg application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=019963323&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Ng, Yew-Kwang 1942- Welfare economics towards a more complete analysis Wohlfahrtstheorie (DE-588)4066735-2 gnd |
| subject_GND | (DE-588)4066735-2 |
| title | Welfare economics towards a more complete analysis |
| title_auth | Welfare economics towards a more complete analysis |
| title_exact_search | Welfare economics towards a more complete analysis |
| title_full | Welfare economics towards a more complete analysis Yew-Kwang Ng |
| title_fullStr | Welfare economics towards a more complete analysis Yew-Kwang Ng |
| title_full_unstemmed | Welfare economics towards a more complete analysis Yew-Kwang Ng |
| title_short | Welfare economics |
| title_sort | welfare economics towards a more complete analysis |
| title_sub | towards a more complete analysis |
| topic | Wohlfahrtstheorie (DE-588)4066735-2 gnd |
| topic_facet | Wohlfahrtstheorie |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=019963323&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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