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History And Troubles Of Consumer Surplus

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Author Info
Miroslav Svoboda
Abstract

The paper is focused on history of the concept of consumer surplus presented by Alfred Marshall as an economic tool to measure benefits and losses resulting from changes in market conditions. As it assumes constant marginal utility of money, it was refused by further development of economics. Subsequently, John Hicks redefined the concept using indifference analysis, inducing the use of compensating and equivalent variations in welfare economics. However, we reveal substantial errors in the Kaldor-Hicks-efficiency justification of economic policy and suggest an alternative use for the concept of consumer surplus - in an analysis of economic discrimination.

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Publisher Info
Article provided by University of Economics, Prague in its journal Prague Economic Papers.

Volume (Year): 2008 (2008)
Issue (Month): 3 ()
Pages: 230-242
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Handle: RePEc:prg:jnlpep:v:2008:y:2008:i:3:id:331:p:230-242

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Related research
Keywords: John Hicks; consumer surplus; compensating variation; Alfred Marshall;

Find related papers by JEL classification:
D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
N30 - Economic History - - Labor and Consumers, Demography, Education, Income, and Wealth - - - General, International, or Comparative

References listed on IDEAS
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  1. Robert L. Bishop, 1946. "Professor Knight and the Theory of Demand," Journal of Political Economy, University of Chicago Press, vol. 54, pages 141. [Downloadable!] (restricted)
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This page was last updated on 2009-12-31.

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