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Generality Versus Context Specificity: First, Second and Third Best in Theory and Policy

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  • Richard G. Lipsey

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  • Richard G. Lipsey, 2017. "Generality Versus Context Specificity: First, Second and Third Best in Theory and Policy," Pacific Economic Review, Wiley Blackwell, vol. 22(2), pages 167-177, May.
    • Handle: RePEc:bla:pacecr:v:22:y:2017:i:2:p:167-177
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    File URL: http://hdl.handle.net/10.1111/1468-0106.12220
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    References listed on IDEAS

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    1. R. G. Lipsey & Kelvin Lancaster, 1956. "The General Theory of Second Best," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 24(1), pages 11-32.
    2. Yew‐Kwang Ng, 1987. "Equity, Efficiency and Financial Viability: Public‐Utility Pricing with Special Reference to Water Supply," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 20(3), pages 21-35, September.
    3. Mark Blaug, 2007. "The Fundamental Theorems of Modern Welfare Economics, Historically Contemplated," History of Political Economy, Duke University Press, vol. 39(2), pages 185-207, Summer.
    4. Mark Blaug, 2009. "The Trade-Off between Rigor and Relevance: Sraffian Economics as a Case in Point," History of Political Economy, Duke University Press, vol. 41(2), pages 219-247, Summer.
    5. Richard Lipsey, 2007. "Reflections on the general theory of second best at its golden jubilee," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 14(4), pages 349-364, August.
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    Cited by:

    1. Peter Schmidt, 2018. "Market failure vs. system failure as a rationale for economic policy? A critique from an evolutionary perspective," Journal of Evolutionary Economics, Springer, vol. 28(4), pages 785-803, September.
    2. Robin Boadway, 2017. "Second-Best Theory: Ageing well at Sixty," Pacific Economic Review, Wiley Blackwell, vol. 22(2), pages 249-270, May.
    3. Yew-Kwang Ng, 2017. "Theory of Third Best: How to Interpret and Apply," Pacific Economic Review, Wiley Blackwell, vol. 22(2), pages 178-188, May.
    4. Ng, Yew-Kwang, 2018. "Ten rules for public economic policy," Economic Analysis and Policy, Elsevier, vol. 58(C), pages 32-42.
    5. Richard G. Lipsey, 2017. "Economic Policy with and without Maximizing Rules," Pacific Economic Review, Wiley Blackwell, vol. 22(2), pages 189-212, May.

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