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Theoretical progress in public economics: A provocative assessment

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Author Info

  • Hammond,Peter

    (Stanford University)

Abstract

The 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 Info

Paper provided by University of Bonn, Germany in its series Discussion Paper Serie A with number 171.

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Date of creation: May 1988
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Handle: RePEc:bon:bonsfa:171

Contact details of provider:
Postal: Bonn Graduate School of Economics, University of Bonn, Adenauerallee 24 - 26, 53113 Bonn, Germany
Fax: +49 228 73 6884
Web page: http://www.bgse.uni-bonn.de

Related research

Keywords: Welfare economics; Public finance; Critisism;

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Cited by:
  1. Yuxin Du, 2011. "A Bibliometrics Portrait of Chinese Research through the Lens of China Economic Review. A research proposal," Economics and Management Research Projects: An International Journal, Open Access International Journals, vol. 1(1), pages 79-91, December.
  2. Dietz, Simon & Hepburn, Cameron, 2013. "Benefit–cost analysis of non-marginal climate and energy projects," Energy Economics, Elsevier, vol. 40(C), pages 61-71.
  3. Boadway, Robin, 1999. "Le rôle de la théorie de l’optimum du second rang en économie publique," L'Actualité Economique, Société Canadienne de Science Economique, vol. 75(1), pages 29-65, mars-juin.
  4. Wilfried Pauwels, 1993. "The implicit welfare weights used when maximizing aggregate surplus," Journal of Economics, Springer, vol. 57(3), pages 261-277, October.
  5. Schlee, Edward E., 2013. "Radner’s cost–benefit analysis in the small: An equivalence result," Economics Letters, Elsevier, vol. 120(3), pages 570-572.
  6. Roed,K. & Strom,S., 1999. "Progressive taxes and the labour market : is the trade-off between equality and efficiency inevitable?," Memorandum 19/1999, Oslo University, Department of Economics.
  7. Pestieau, P., . "The current state and future directions of public finance," CORE Discussion Papers RP -1116, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  8. Ruggero Paladini, 2014. "Da Bentham alla tassazione ottimale," Public Finance Research Papers 2, Istituto di Economia e Finanza, DIGEF, Sapienza University of Rome.
  9. Rolf Aaberge & Ugo Colombino, 1998. "Social Evaluation of Individual Welfare Effects from Income Taxation Empirical Evidence Based on Italian Data for Married Couples," Discussion Papers 230, Research Department of Statistics Norway.
  10. Steinar Strøm & Elin Wiig, 1995. "Attacks on the Welfare State," Nordic Journal of Political Economy, Nordic Journal of Political Economy, vol. 22, pages 163-172.
  11. Sureth, Caren & Voß, Armin, 2005. "Investitionsbereitschaft und zeitliche Indifferenz bei Realinvestitionen unter Unsicherheit und Steuern," arqus Discussion Papers in Quantitative Tax Research 2, arqus - Arbeitskreis Quantitative Steuerlehre.
  12. Hege Medin & Karine Nyborg & Ian Bateman, 1998. "The Assumption of Equal Marginal Utility of Income: How Much Does it Matter?," Discussion Papers 241, Research Department of Statistics Norway.
  13. Forder, Julien, 1997. "Contracts and purchaser-provider relationships in community care," Journal of Health Economics, Elsevier, vol. 16(5), pages 517-542, October.
  14. Gries, Thomas & Prior, Ulrich & Sureth, Caren, 2007. "Taxation of risky investment and paradoxical investor behavior," arqus Discussion Papers in Quantitative Tax Research 26, arqus - Arbeitskreis Quantitative Steuerlehre.

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