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Measuring Economic Welfare: New Methods

Autor George W. McKenzie
en Limba Engleză Paperback – 11 mar 2007
Professor McKenzie proposes and formulates a method composed of operational procedures designed to facilitate the evaluation of economic projects and policies. This method is discussed fully, illustrated by simple examples, and compared with alternative procedures. An outline of a computer program that enables readers to undertake their own calculations is included. In order to present the approach clearly, the author provides an exposition of the fundamental ideas and the main alternative approaches to the problem. These rely on various forms of index numbers and consumer surplus. However, as is well known, such measures are not capable of correctly ordering the various alternatives under consideration, except under highly unrealist assumptions. In this book the author suggests the abandonment of this traditional approach based on the concept of 'willingness-to-pay' or the conpensating variation. Instead, the measure that Samuelson has called the 'money-metric' should become the cornerstone of applied welfare economics.
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Specificații

ISBN-13: 9780521035941
ISBN-10: 0521035945
Pagini: 200
Dimensiuni: 152 x 229 x 12 mm
Greutate: 0.3 kg
Editura: Cambridge University Press
Colecția Cambridge University Press
Locul publicării:New York, United States

Cuprins

Preface; 1. An introduction to the money-metric; 2. The marginal utility of money as an integrating factor; 3. Calculation of the money-metric; 4. The approach of Dupuit and Marshall; 5. The Hicksian approach; 6. Approximations based on consumer surplus; 7. A reconsideration of the theory of index numbers; 8. The money-metric as a basis for calculation of social welfare functions; 9. Measurement of the social costs of monopoly; 10. A final comment and conclusion; References; Index.

Descriere

Professor McKenzie proposes and formulates a method composed of operational procedures designed to facilitate the evaluation of economic projects and policies.