By I. M. D. Little
First released in 1950, this ebook was once thinking about the exposition, feedback, and appreciation of the speculation of monetary welfare because it have been constructed to that date. Now reissued, Little has further a brand new retrospective preface within which he assesses the contribution the publication made within the mild of next literature within the zone.
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Additional info for A Critique of Welfare Economics
1 If they were everywhere concave the consumer would buy all X, or all y, whatever their relative prices, and never some of each. This FIG. n case can be ruled out as unrealistic. It is therefore postulated that the curves are everywhere convex to the origin. This is how they are almost always drawn. The point E is the equilibrium point, that is the point at which AB touches the highest indifference curve. What can be said about this point ? It is evident that the line AB and the indifference curve have the same slope at E.
It is therefore postulated that the curves are everywhere convex to the origin. This is how they are almost always drawn. The point E is the equilibrium point, that is the point at which AB touches the highest indifference curve. What can be said about this point ? It is evident that the line AB and the indifference curve have the same slope at E. The slope of AB measures the relative prices of X and Y. But what does the slope of the indifference curve measure ? It measures the rate at which X can be substituted for y while remaining at the same level of satisfaction.
An increase in the satisfaction derived from goods and services (economic welfare) was held to result in an increase in total welfare if no non-economic harm resulted. It is therefore evident that satisfaction was held to be good. This was, apparently, a moral intuition. e. satisfactions; it was the science of welfare because satisfactions were seen to be good. The resultant position is not practically different from that of the ethical utilitarians. The latter reached it by a supposed analysis of goodness; Professor Pigou by just knowing what was good.