Neo-classical Welfare Economics and Individual Development PDF Download

Author: Herbert Gintis
Publisher:
ISBN:
Category : Individualism
Languages : en
Pages : 72

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Author: Douglas Fitzgerald Dowd
Publisher:
ISBN:
Category : Economic history
Languages : en
Pages : 0

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Author: Irshad C. V.
Publisher: GRIN Verlag
ISBN: 3668372845
Category : Business & Economics
Languages : en
Pages : 16

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Essay from the year 2016 in the subject Economics - Finance, grade: A, University of Calicut, language: English, abstract: Welfare economics as a multidisciplinary body of knowledge aims at the best way of interpretation of human wellbeing and human endeavor. From the early welfare economics to the present modern welfare economics, a jubilant battle can be seen among different profounders in the welfare interpretation. The methodological difference provides us an opportunity to compare different welfare economic theories and also to improve the understanding of welfare economics. Classical economists were used dynamic and normative methodologies while later developments in welfare economics became narrow-minded by following static and positive economics by putting assumptions, mathematical and other models. Classical theories were influenced in the idea of ‘invisible hand’ and argue that, the social welfare can be enlarged at the point where the highest level of happiness scan be enjoyed by maximum number. On the other side, the later developments especially by later neoclassical theories began to weaken the role of ‘invisible hand’. Moreover the analysis was based on predicting social welfare by simply assuming two individual model frameworks. Here, vividly, the scope of modern interpretation became too extreme by neglecting the role of multiple factors of a plural society in the welfare determination process. Very recently, few interesting welfare interpretations are also coming with multidisciplinary approach like Samuelson’s social welfare functions, Sen’s capability approach etc. In fact, the methodological battle in handling both qualitative and quantitative variables, classical economists follows general equilibrium analysis while later developments focus on ‘Paretian Condition’ analysis. So the prediction of social welfare from the Pareto analysis of modern welfare economics has very limited scope than the classical economics.

Author: Frank Ackerman
Publisher: Island Press
ISBN: 9781559635615
Category : Business & Economics
Languages : en
Pages : 448

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What are the ends of economic activity? According to neoclassical theory, efficient interaction of the profit-maximizing "ideal producer" and the utility-maximizing "ideal consumer" will eventually lead to some sort of social optimum. But is that social optimum the same as human well-being? Human Well-Being and Economic Goals addresses that issue, considering such questions as: Does the maximization of individual welfare really lead to social welfare? How can we deal with questions of relative welfare and of equity? How do we define, or at least understand, individual and social welfare? And how can these things be measured, or even assessed? Human Well-Being and Economic Goals brings together more than 75 concise summaries of the most significant literature in the field that consider issues of present and future individual and social welfare, national development, consumption, and equity. Like its predecessors in the Frontier Issues in Economic Thought series, it takes a multidisciplinary approach to economic concerns, examining their sociological, philosophical, and psychological aspects and implications as well as their economic underpinnings. Human Well-Being and Economic Goals provides a powerful introduction to the current and historical writings that examine the concept of human well-being in ways that can help us to set goals for economic activity and judge its success. It is a valuable summary and overview for students, economists, and social scientists concerned with these issues.

Author: Herbert Gintis
Publisher:
ISBN:
Category :
Languages : en
Pages : 60

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Author: Michael Albert
Publisher: Princeton University Press
ISBN: 1400887054
Category : Business & Economics
Languages : en
Pages : 455

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This ambitious work presents a critique of traditional welfare theory and proposes a new approach to it. Radical economists Robin Hahnel and Michael Albert argue that an improved theory of social welfare can consolidate and extend recent advances in microeconomic theory, and generate exciting new results as well. The authors show that once the traditional "welfare paradigm" is appropriately modified, a revitalized welfare theory can clarify the relationship between individual and social rationalitya task that continues to be of interest to mainstream and nonmainstream economists alike. Hahnel and Albert show how recent work in the theory of the labor process, externalities, public goods, and endogenous preferences can advance research in welfare theory. In a series of important theorems, the authors extend the concept of Pareto optimality to dynamic contexts with changing preferences and thus highlight the importance of institutional bias. This discussion provides the basis for further analysis of the properties and consequences of private and public enterprise and of markets and central planning. Not surprisingly, Hahnel and Albert reach a number of conclusions at odds with conventional wisdom. Originally published in 1990. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.

Author: Yew-Kwang Ng
Publisher: EOLSS Publications
ISBN: 1848260091
Category :
Languages : en
Pages : 348

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Welfare Economics and Sustainable Development theme is a component of Encyclopedia of Development and Economic Sciences in the global Encyclopedia of Life Support Systems (EOLSS), which is an integrated compendium of twenty one Encyclopedias. This theme introduces welfare economics and sustainable development in four topics dealing with four important issues to be considered in implementing sustainable development. These are: the use of ethics and discounting and economic growth models in balancing the interests of future generations against those of the present; the advantages and limitations of national accounting methodologies as means of evaluating sustainability; the international dimensions of sustainable development arising out of environmental and economic linkages among nations; and the nature of institutions required to promote sustainable development. These two volumes are aimed at the following five major target audiences: University and College students Educators, Professional practitioners, Research personnel and Policy analysts, managers, and decision makers and NGOs.

Author: National Bureau of Economic Research
Publisher: Princeton University Press
ISBN: 1400879760
Category : Political Science
Languages : en
Pages : 647

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The papers here range from description and analysis of how our political economy allocates its inventive effort, to studies of the decision making process in specific industrial laboratories. Originally published in 1962. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.

Author: Herbert Gintis
Publisher:
ISBN:
Category : Alienation (Social psychology)
Languages : en
Pages : 846

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Author: L. D. Keita
Publisher: University of Delaware Press
ISBN: 9780874134100
Category : Business & Economics
Languages : en
Pages : 204

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This work examines the claim to scienific status made by supporters and practitioners of neoclassical economics. The approach taken is that of the history and philosophy of science. Analysis points to the conclusion that theories of economic choice are necessarily normative, essentially because of the nature of human behavior.