Download A Critique of Welfare Economics by I. M. D. Little PDF

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.

Show description

Read Online or Download A Critique of Welfare Economics PDF

Similar economic theory books

Advances in Mathematical Economics. Vol, 10

Loads of financial difficulties can formulated as limited optimizations and equilibration in their ideas. a variety of mathematical theories were providing economists with critical machineries for those difficulties coming up in monetary conception. Conversely, mathematicians were inspired by means of numerous mathematical problems raised through fiscal theories.

Art and Value: Art’s Economic Exceptionalism in Classical, Neoclassical and Marxist Economics

Paintings and cost is the 1st complete research of art's political economic system all through classical, neoclassical and Marxist economics. It offers a critical-historical survey of the theories of art's fiscal exceptionalism, of paintings as a benefit solid, and of the theories of art's commodification, the tradition and genuine subsumption.

Business, Time and Thought: Selected Papers of G. L. S. Shackle

Economics is as totally entangled with time as is background. it really is inside this framework that Professor Shackle takes a serious examine company judgements and in so doing brings the philosophical difficulties correct into the marketplace position.

Additional info for A Critique of Welfare Economics

Sample text

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.

Download PDF sample

Rated 4.24 of 5 – based on 22 votes