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Welfare Economics : International Library of Critical Writings in Economics - William J. Banmol

Welfare Economics

International Library of Critical Writings in Economics

By: William J. Banmol (Editor), Charles A. Wilson (Editor), William J. Baumol (Editor)

Hardcover Published: January 2001
ISBN: 9781852782009
Number Of Pages: 2016

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This three-volume work presents papers which reflect the innovation that characterised the field of welfare economics in the last half of the 20th century. The selections range from literary treatments to the advanced mathematical presentations.

Acknowledgementsp. ix
Prefacep. xiii
Introductionp. xv
The Criteria
Pareto Criterion and Compensation Principles
'A Note on Welfare Propositions in Economics', Review of Economic Studies, IX (1), November, 77-88 (1941)p. 5
'Evaluation of Real National Income', Oxford Economic Papers, II (1), January, 1-29 (1950)p. 17
'Maximum Ophelimity' (paragraph 89 from Appendix), in Manual of Political Economy, Translated from the French edition of 1927 by Ann S. Schwier, New York: Augustus M. Kelley, 451-2 (1971)p. 46
Compensation and its Shortcomings
'Welfare Propositions of Economics and Inter-Personal Comparisons of Utility', Economic Journal, XLIX (195), September, 549-52 (1939)p. 51
'The Valuation of Social Income', Economica, VII (26), New Series, May, 105-24 (1940)p. 55
'The Intransitivity of Certain Criteria Used in Welfare Economics', Oxford Economic Papers, 7 (1), New Series, February, 25-35 (1955)p. 75
'Aggregate Demand, Real National Income, and the Compensation Principle', International Economic Review, 14 (1), February, 153-81 (1973)p. 86
General Treatment
'Three Basic Postulates for Applied Welfare Economics: An Interpretive Essay', Journal of Economic Literature, IX (3), September, 785-97 (1971)p. 119
'Distributional Equity and the Optimal Structure of Public Prices', American Economic Review, LXII (1), March, 32-6 (1972)p. 132
'The Welfare Foundations of Cost-Benefit Analysis', Economic Journal, 84 (336), December, 926-39 (1974)p. 137
Tools for Welfare Measurement: Single Consumer and Producer
'The Four Consumer's Surpluses', Review of Economic Studies, XI (1), Winter, 31-41 (1943)p. 153
'Communications: Rent as a Measure of Welfare Change', American Economic Review, XLIX (3), June, 386-95 (1959)p. 164
'Consumer's Surplus Without Apology', American Economic Review, 66 (4), September, 589-97 (1976)p. 174
'The Plain Truth About Consumer Surplus', Zeitschrift fur Nationalokonomie: Journal of Economics, 37 (1-2), 1-24 (1977)p. 183
'Consumer's Surplus in Commodity Space', American Economic Review, 70 (3), June, 449-55 (1980)p. 207
Many-Consumer Economies
Aggregation of Welfare
'Richard T. Ely Lecture: Economics and Political Economy' and 'The Significance of Economic Science', in An Essay on the Nature and Significance of Economic Science, Third Edition, New York: New York University Press, xi-xxxiii, 136-58 (1984)p. 219
'A Reformulation of Certain Aspects of Welfare Economics', Quarterly Journal of Economics, LII, 310-34 (1938)p. 265
'Social Indifference Curves', Quarterly Journal of Economics, LXX (1), February, 1-22 (1956)p. 290
Does Addition of Consumers' and Producers' Surpluses Add Up?
'A Note on Welfare Surpluses and Gains From Trade in General Equilibrium', American Economic Review, 64 (4), September, 758-62 (1974)p. 315
'Another Look at the Social Valuation of Input Price Changes', American Economic Review, 66 (1), March, 239-43 (1976)p. 320
'Welfare Measures in a Multimarket Framework', American Economic Review, 69 (5), December, 947-54 (1979)p. 325
'Cost-Benefit Criteria and the Compensation Principle in Evaluating Small Projects', Journal of Political Economy, 90 (4), August, 755-76 (1982)p. 333
Choice Between Market and Non-Market Allocation Mechanisms
'Market Structure and Optimal Management Organizations', Rand Journal of Economics, 18 (4), Winter, 480-91 (1987)p. 357
'The Nature of the Firm', Economica, IV (13-16), New Series, November, 386-405 (1937)p. 369
'The Organization of Economic Activity: Issues Pertinent to the Choice of Market Versus Nonmarket Allocation', in Robert H. Haveman and Julius Margolis (eds), Public Expenditures and Policy Analysis, Chapter 2, Chicago: Markham Publishing Company, 59-73 (1970)p. 389
'The Architecture of Economic Systems: Hierarchies and Polyarchies', American Economic Review, 76 (4), September, 716-27 (1986)p. 404
'On the Economic Theory of Socialism', Review of Economic Studies, IV, 53-71 (1936-1937)p. 416
'A Note on Socialist Economics', Review of Economic Studies, IV, 72-6 (1936-1937)p. 435
'The Present State of the Debate', in F.A. von Hayek (ed.), Collectivist Economic Planning: Critical Studies on the Possibilities of Socialism, Chapter V, London: George Routledge and Sons, Ltd, 201-43, 291-3 (Appendix B) (1935)
Second-Best Analysis
'The General Theory of Second Best', in Richard G. Lipsey (ed.), Microeconomics, Growth and Political Economy: The Selected Essays of Richard G. Lipsey, Volume One, Chapter 6, Cheltenham, UK and Lyme, US: Edward Elgar, 153-80 (A revised version of an article originally published in Review of Economic Studies, XXIV, 1956, 11-32) (1997)p. 489
'Welfare Economics and the Theory of Second Best', Review of Economic Studies, XXXII (1), No. 89, January, 1-14 (1965)p. 517
'Creating Competition Through Interconnection: Theory and Practice', Journal of Regulatory Economics, 10 (3), November, 227-56 (1996)p. 531
Name Indexp. 561
Acknowledgementsp. ix
An introduction and preface by the editors to all three volumes appear in Volume I
Virtues of the Market Mechanism
Excerpt from Manual of Political Economy, Translated from the French edition of 1927 by Ann S. Schwier, Chapter VI, London and Basingstoke: Macmillan, 261-7 (1972)p. 3
'The Ministry of Production in the Collectivist State', in F.A. von Hayek (ed.), Collectivist Economic Planning: Critical Studies on the Possibilities of Socialism, London: George Routledge and Sons, Ltd, Appendix A, 245-58 (1935)p. 10
'Rates of Return and the Values of Marginal Private Net Products', in The Economics of Welfare, Fourth Edition, Part II, Chapter IV, London: Macmillan and Co., Limited, 142-3 (1952)p. 24
Perfect Competition: the Fundamental Theorems of Welfare Economics
Basic Analysis and Results
'The Foundations of Welfare Economics', Econometrica, 10, 215-28 (1942)p. 31
'An Extension of the Basic Theorems of Classical Welfare Economics', in Jerzy Neyman (ed.), Proceedings of the Second Berkeley Symposium on Mathematical Statistics and Probability, Berkeley and Los Angeles: University of California Press, 507-32 (1951)p. 45
'Allocation of Resources and the Price System', in Three Essays on The State of Economic Science, Chapter I, New York: McGraw-Hill Book Company, 3-126 (1957)p. 71
'Optimum', in Theory of Value: An Axiomatic Analysis of Economic Equilibrium, Chapter 6, New Haven and London: Yale University Press, 90-97, references (1959/1987)p. 195
Application to Intertemporal Setting
'An Exact Consumption-Loan Model of Interest With or Without the Social Contrivance of Money', Journal of Political Economy, LXVI (6), December, 467-82 (1958)p. 207
'On Capital Overaccumulation in the Aggregative, Neoclassical Model of Economic Growth: A Complete Characterization', Journal of Economic Theory, 4 (1), February, 200-223 (1972)p. 223
'The Role of Securities in the Optimal Allocation of Risk-bearing', Review of Economic Studies, XXXI, 91-6 (1964)p. 247
'On the Optimality of Equilibrium when the Market Structure is Incomplete', Journal of Economic Theory, 11, 418-43 (1975)p. 253
'The Inefficiency of the Stock Market Equilibrium', Review of Economic Studies, XLIX (2), No. 156, April, 241-61 (1982)p. 279
'Existence, Regularity, and Constrained Suboptimality of Competitive Allocations when the Asset Market is Incomplete', in Walter P. Heller, Ross M. Starr and David A. Starrett (eds), Uncertainty, Information, and Communication: Essays in Honor of Kenneth J. Arrow, Volume III, Chapter 3, Cambridge: Cambridge University Press, 65-95 (1986)p. 300
Public Goods, Externalities and Scale Economies
The Broad Issues
'The Anatomy of Market Failure', Quarterly Journal of Economics, LXXII, 351-79 (1958)p. 335
'The Pure Theory of Public Expenditure', Review of Economics and Statistics, XXXVI (4), November, 387-9 (1954)p. 364
Externalities, Scale Economies and Nonconvexities
'Hindrances to Equality of Marginal Net Products Due to Divergence Between Marginal Social Net Product and Marginal Private Net Product', in Wealth and Welfare, Part II, Chapter VII, London: Macmillan and Co., Limited, 148-71 (1912)p. 369
Excerpt from 'Industrial Organization, Continued. Division of Labour. The Influence of Machinery' and 'Limitations of the Use of Statical Assumptions in Regard to Increasing Return', in Principles of Economics: An Introductory Volume, Eighth Edition, Book IV, Chapter IX, Section 7 and Appendix H, London: Macmillan and Co., Limited, 264-6, 805-12 (1920)p. 393
'Of Empty Economic Boxes', Economic Journal, XXXII (127), September, 305-14 (1922)p. 404
'Equity, Efficiency and Increasing Returns', Review of Economic Studies, LVI (4), No. 145, October, 571-85 (1979)p. 414
'Quasi Optimality: The Price We Must Pay for a Price System', Journal of Political Economy, 87 (3), 578-99 (1979)p. 429
Monopoly and Imperfect Competition
'Simple Monopoly' and 'Discriminating Monopoly', in The Economics of Welfare, Fourth Edition, Part II, Chapters XVI and XVII and Appendices VIII and IX, London: Macmillan and Co., Limited, 269-89, 831-4 (1952)p. 455
'Comparisons of Monopoly and Competitive Output', in The Economics of Imperfect Competition, Second Edition, Book IV, Chapter 11, London and Basingstoke: Macmillan, New York: St. Martin's Press, 143-54 (1972)p. 480
'Pure and Monopolistic Competition Compared', in The Theory of Monopolistic Competition: A Re-orientation of the Theory of Value, Third Edition, Chapter V, Section 7, Cambridge: Harvard University Press, 113-16 (1938)p. 492
'Product Selection, Fixed Costs, and Monopolistic Competition', Review of Economic Studies, XLIII (2), June, 217-35 (1976)p. 496
Social Costs of Monopoly
'Monopoly and Resource Allocation', American Economic Review, XLIV (2), May, 77-87 (1954)p. 517
'The Social Costs of Monopoly and Regulation', Journal of Political Economy, 83 (4), August, 807-27 (1975)p. 528
'Efficient Rent Seeking', in James M. Buchanan, Robert D. Tollison and Gordon Tullock (eds), Toward a Theory of the Rent-Seeking Society, First Edition, Chapter 6, College Station: Texas AandM University Press, 97-112 (1980)p. 549
'The Social Costs of Monopoly and Regulation: Posner Reconsidered', Journal of Political Economy, 93 (2), April, 410-16 (1985)p. 565
Asymmetric and Imperfect Information
'The Market for "Lemons": Quality Uncertainty and the Market Mechanism', Quarterly Journal of Economics, LXXXIV (3), August, 488-500 (1970)p. 575
'Overinsurance and Public Provision of Insurance: The Roles of Moral Hazard and Adverse Selection', Quarterly Journal of Economics, 88 (1), February, 44-62 (1974)p. 588
'Equilibrium and Adverse Selection', American Economic Review, 69 (2), May, 313-17 (1979)p. 607
'The Welfare Economics of Moral Hazard', in Henri Louberge (ed.), Risk, Information, and Insurance - Essays in Memory of Karl H. Borch, Chapter 5, Dordrecht: Kluwer Academic Publishers, 91-101, 113-15, notes and references (1990)p. 612
'Does the Consumer Benefit from Price Instability?', Quarterly Journal of Economics, LVIII (4), August, 602-14 (1944)p. 629
'The Desirability of Price Instability Under Perfect Competition', Econometrica, 29 (1), January, 58-64 (1961)p. 642
'The Consumer Does Benefit From Feasible Price Stability', Quarterly Journal of Economics, LXXXVI (3), August, 476-93 (1972)p. 649
'Consumer's Surplus, Price Instability, and Consumer Welfare', Econometrica, 48 (1), January, 135-52 (1980)p. 667
Name Indexp. 685
Acknowledgements An introduction and preface by the editors to all three volumes appear in Volume Ip. ix
Externalities and Pigouvian Taxation
Excerpt from 'Divergences Between Marginal Social Net Product and Marginal Private Net Product', in The Economics of Welfare, Fourth Edition, Part II, Chapter IX, Paragraph 10, London: Macmillan and Co., Limited, 183-8 (1952)p. 3
'External Economies and Diseconomies in a Competitive Situation', Economic Journal, LXII (245), March, 54-67 (1952)p. 9
'The Problem of Social Cost', Journal of Law and Economics, III, October, 1-44 (1960)p. 23
'Externality', Economica, XXIX (113-116), New Series, November, 371-84 (1962)p. 67
'On Taxation and the Control of Externalities', American Economic Review, LXII (3), June, 307-22 (1972)p. 81
'Prices vs. Quantities', Review of Economic Studies, XLI (4), No. 128, October, 477-91 (1974)p. 97
'The Role of Information in Designing Social Policy Towards Externalities', Journal of Public Economics, 12 (3), December, 271-99 (1979)p. 112
'The Limitations of Pigouvian Taxes as a Long-Run Remedy for Externalities', Quarterly Journal of Economics, XCV (3), November, 559-66 (1980)p. 141
Ramsey Pricing
'A Contribution to the Theory of Taxation', Economic Journal, XXXVII (145), March, 47-61 (1927)p. 151
'On the Management of Public Monopolies Subject to Budgetary Constraints', Journal of Economic Theory, 3 (3), September, 219-40 (1971)p. 166
'Optimal Departures From Marginal Cost Pricing', American Economic Review, LX, 265-83 (1970)p. 188
'Optimal Taxation and Public Production I: Production Efficiency', American Economic Review, LXI (1), March, 8-27 (1971)p. 207
'Optimal Taxation and Public Production II: Tax Rules', American Economic Review, LXI (3, Part I), June, 261-78 (1971)p. 227
Predatory Pricing
'Predatory Pricing and Related Practices Under Section 2 of the Sherman Act', Harvard Law Review, 88 (4), February, 697-733 (1975)p. 247
'An Economic Definition of Predation: Pricing and Product Innovation', Yale Law Journal, 91 (1), November, 8-53 (1981)p. 284
'Predation and the Logic of the Average Variable Cost Test', Journal of Law and Economics, XXXIX (1), April, 49-72 (1996)p. 330
Regulation of Prices
Traditional Regulation
'Behavior of the Firm Under Regulatory Constraint', American Economic Review, LII (5), December, 1052-69 (1962)p. 359
'The Traditional Issues in the Pricing of Public Utility Services', in The Economics of Regulation: Principles and Institutions, Volume I, Chapter 2, Cambridge, Massachusetts: MIT Press, 20-57 (1989)p. 377
Efficient Regulation, Stand-alone Cost Ceilings and Price Caps
'Why Regulate Utilities?', Journal of Law and Economics, XI, April, 55-65 (1968)p. 417
'A Regulatory Adjustment Process for Optimal Pricing by Multiproduct Monopoly Firms', Bell Journal of Economics, 10 (1), Spring, 157-71 (1979)p. 428
'Productivity Incentive Clauses and Rate Adjustment for Inflation', Public Utilities Fortnightly, 110 (2), July, 11-18 (1982)p. 443
Regulation of British Telecommunications' Profitability, London: Department of Industry, February, 1-42 (1983)p. 451
'Contestability: Developments Since the Book', Oxford Economic Papers, 38, Supplement, New Series, November, 9-36 (1986)p. 493
'The Regulation of Multiproduct Firms - Part I: Theory' and 'The Regulation of Multiproduct Firms - Part II: Applications to Competitive Environments and Policy Analysis', Journal of Public Economics, 43, 1-66 (1990)p. 521
Pricing of Bottleneck Inputs
'The Theory of Network Access Pricing', in Harry M. Trebing (ed.), Issues in Public Utility Regulation, East Lansing: Division of Research, Graduate School of Business Administration, Michigan State University, 109-52 (1979)p. 589
'Having Your Cake: How to Preserve Universal-Service Cross Subsidies While Facilitating Competitive Entry', Yale Journal on Regulation, 16 (1), Winter, 1-17 (1999)p. 633
Name Indexp. 651
Table of Contents provided by Syndetics. All Rights Reserved.

ISBN: 9781852782009
ISBN-10: 1852782005
Series: International Library of Critical Writings in Economics
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 2016
Published: January 2001
Publisher: Edward Elgar Publishing Ltd
Country of Publication: GB
Dimensions (cm): 24.13 x 16.51  x 15.24
Weight (kg): 3.88

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