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Measuring Economic Welfare : New Methods - George W. McKenzie

Measuring Economic Welfare

New Methods

Hardcover

Published: 21st January 2004
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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.

Preface
An introduction to the money-metric
The marginal utility of money as an integrating factor
Calculation of the money-metric
The approach of Dupuit and Marshall
The Hicksian approach
Approximations based on consumer surplus
A reconsideration of the theory of index numbers
The money-metric as a basis for calculation of social welfare functions
Measurement of the social costs of monopoly
A final comment and conclusion
References
Index
Table of Contents provided by Publisher. All Rights Reserved.

ISBN: 9780521248624
ISBN-10: 0521248620
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 200
Published: 21st January 2004
Publisher: Cambridge University Press
Country of Publication: GB
Dimensions (cm): 22.8 x 15.2  x 1.6
Weight (kg): 0.47