The Welfare Effects of Public Expenditure Programs Reconsidered
A welfare-based measure is proposed to evaluate the distributive effects of public programs. The measure differs from traditional approaches in two ways: first, it is based on life-cycle considerations, since most public expenditure programs have an intertemporal objective; second, it takes into account market imperfections, which themselves give rise to many governmental interventions. The measure and its numerical illustrations suggest that, in general, the welfare effects from public programs whose aim is to eliminate market constraints are greater than those that can be achieved through interpersonal income distribution.
Volume (Year): 37 (1990)
Issue (Month): 2 (June)
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