Welfare economics and public choice

Besley, Timothy ORCID: 0000-0002-8923-6372 (2003) Welfare economics and public choice. In: Rowley, Charles K and Schneider, Friedrich, (eds.) The Encyclopaedia of Public Choice. Kluwer Academic Publishers, Dordrecht ; London, 933 - 940. ISBN 9780792386070

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Abstract

Welfare economics provides the basis for judging the achievements of markets and policy makers in allocating resources. Its most powerful conceptual tool is the utility possibility frontier. This defines the set of utility allocations that can be achieved in a society subject to the constraints of tastes and technologies. Any allocation on the frontier cannot be Pareto dominated and hence would satisfy a rather minimal condition for it to be socially desirable.

Item Type:	Book Section
Additional Information:	© 2003 Springer Science+Business Media New York
Divisions:	Economics
Subjects:	H Social Sciences > HC Economic History and Conditions J Political Science > JA Political science (General)
Date Deposited:	25 Sep 2008 10:09
Last Modified:	01 Nov 2024 04:35
URI:	http://eprints.lse.ac.uk/id/eprint/10641

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