Description
Book SynopsisA Critique of Welfare Economics was first published in 1950. It was concerned with the exposition, criticism, and appreciation of the theory of economic welfare as it had been developed to that date. It was an attempt to clarify what was meant by ''welfare''; to distinguish measurable, verifiable elements of the theory from subjective normative judgements about policies for improving economic well-being; and to establish criteria for determining whether one configuration of the economic system is better or worse than another. Little showed that the welfare theory of the time could be based directly on individual market choices, and that resort to traditional utilitarian concepts was not essential.A Critique of Welfare Economics is now reissued at the same time as Ethics, Economics, and Politics -- Little''s latest book which explores the overlap between the three disciplines, and discusses the need for political decisions in economic matters, and the principles guiding them. He has add
Trade ReviewReview from previous edition A most useful piece of work, displaying both depth of philosophical insight and virtuosity in technical economics * Economica *
Little has done an important service in clearing away much of the metaphysical rubble which has cluttered up this field of economic theory . . . with an elegance and precision of language which makes the tidying-up process almost at aesthetic pleasure on its own account. * Financial Times *
270 pages of highly concentrated and subtle thinking * TLS *
This book establishes [Little] as a thinker of the first flight and a fine economic theorist' * The Economist *
Table of Contents1. Utilitarian Economics ; 2. The Analysis of Consumers' Behaviour ; 3. The Choice Criterion ; 4. The Distribution of Welfare ; 5. Value Judgements and Welfare Economics ; 6. The New Welfare Economics (1): Welfare Criteria ; 7. The New Welfare Economics (2): The Economic Welfare Function ; 8. The 'Optimum' Conditions of Production and Exchange (1) ; 9. The 'Optimum' Conditions of Production and Exchange (2) ; 10. Indivisibilities and Consumers' Surplus ; 11. Output and Price Policy in Public Enterprise ; 12. The Valuation of the National Income ; 13. Welfare Theory and International Trade ; 14. Welfare Theory and Politics ; 15. Conclusions
