Theoretical progress in public economics: A provocative assessment
AbstractThe following twelve issues are each briefly discussed: the blindness of the invisible hand to injustice; a misleading efficiency theorem; truthful revelation of feasibility constraints; delusions of first best; deadweight losses as sunk costs; markets as failures; the nth best as enemy of the good; intermonetary comparisons of gains and losses; few worthwhile changes are small; surplus economics; surplus econometrics; and unbalanced policies. Unbalanced policy changes should be evaluated by estimating the probabilities of different joint frequency distributions of welfare relevant attributes and welfare net gains for all individuals in the population, together with the budget deficit or surpluses. Copyright 1990 by Royal Economic Society.
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Bibliographic InfoPaper provided by University of Bonn, Germany in its series Discussion Paper Serie A with number 171.
Date of creation: May 1988
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Welfare economics; Public finance; Critisism;
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- Hammond, Peter J, 1990. "Theoretical Progress in Public Economics: A Provocative Assessment," Oxford Economic Papers, Oxford University Press, vol. 42(1), pages 6-33, January.
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