The Economics of Welfare

Palgrave Macmillan, 6 de dez. de 2013 - 896 páginas
In The Economics of Welfare, originally published in 1920, Pigou reconceptualized economics as a science of economic welfare, in the course of which he developed the first systematic theory of market failures. Employing Alfred Marshall's theoretical framework and the utilitarian logic of Henry Sidgwick, he argued that the Smithian 'system of natural liberty' can fail to maximise economic welfare in three crucial spheres. Economic transactions grounded in the free play of self-interest may achieve a suboptimal allocation of resources by producing spillovers; they may maldistribute the national income, damaging much of the population; and they may generate business cycles, causing unemployment as well as income and consumption instabilities. In his analysis of how to repair these failures, Pigou made an elaborate, carefully reasoned case that interventions in otherwise unfettered markets may be in order.

This reissued classic includes a new introduction by Nahid Aslanbeigui and Guy Oakes, who offer fresh ideas on The Economics of Welfare as a treatise that cannot be reduced to a programmatic collection of taxes and subsidies designed to maximise economic welfare. They also spell out the implications of Pigou's thought for contemporary economics.

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Páginas selecionadas


Reclaiming a Forgotten Master
NahidAslanbeigui andGuy Oakes Preface totheThird Edition 1928
Desires and Satisfactions
The National Dividend
The Measurement of Changes in the Size of the National Dividend
Economic Welfare and Changes in the Size of the National
Reactions through the Numbers of the Population
Public Operation of Industries
Industrial Peace
An Analytical View of Industrial Peace
Hours Labour
Employment Exchanges
Unemployment versus ShortTime 12 The Practicability of Interference
Methodsof Engaging Labour 14 Interference toRaise

The National Dividend and the Quality of the People
The Method of Discussion to Be Followed
TheEffects of Eliminating Obstacles to Movement
PrivateNet Product 10 Marginal Privateand
StateRegulation ofCompetitive Prices
SimpleMonopoly 17 Discriminating Monopoly
The Special Problem
Purchasers Associations
Intervention by Public Authorities
Public Control of Monopoly
Fairness as a Variable Relation
They Are Already Fair 18 Wage Rates and Capacity
Paretos Law 3 TheSupply
Inventionsand Improvements 5 TheManipulation ofWages
Direct Transferences from the Relatively Rich to the Relatively
Bounties on Things Purchased by the Poor
A National Minimum Standard of Real Income
The Measurement of Elasticities of Demand
Imperfect Competition toPart II Chapter XVII 10 TheElasticity of Substitutionto Part
Measurability and Comparability of Utilities

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Arthur Cecil Pigou (18 November 1877 – 7 March 1959) was the creator of one of the most influential schools of thought in economics and founder of Welfare Economics. He succeeded his teacher, Alfred Marshall, to the Chair of Political Economy in the University of Cambridge in 1908. Pigou's magnus opus The Economics of Welfare was first published in 1921.

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