Welfare Economics

Allan M. Feldman

86 citations0/0 files storedThe New Palgrave Dictionary of Economics

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Economic Theory and Institutions Economic Theory and Policy Historical Economic and Legal Thought

Abstract

In 1776, the same year as the American Declaration of Independence, Adam Smith published The Wealth of Nations . Smith laid out an argument that is now familiar to all economics students: (1) The principal human motive is self-interest. (2) The invisible hand of competition automatically transforms the self-interest of many into the common good. (3) Therefore, the best government policy for the growth of a nation’s wealth is that policy which governs least. These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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References

1960The Problem of Social Cost 1954The Pure Theory of Public Expenditure 1952Social Choice and Individual Values 1971Multipart pricing of public goods 1939Welfare Propositions of Economics and Interpersonal Comparisons of Utility 1976Intransitivities in multidimensional voting models and some implications for agenda control 1938A Reformulation of Certain Aspects of Welfare Economics 1934The Concept of Monopoly and the Measurement of Monopoly Power

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