LYCOS RETRIEVER 
Welfare Economics: Book
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Yew-Kwang Ng looks at pushing welfare economics towards a more complete analysis. The book covers not only the basic topics, but ... advanced and new arguments. Traditional topics including Pareto optimality, welfare criteria, consumer surplus, social choice, externality and public goods are considered. In addition, Professor Ng looks at more advanced issues and discusses such new arguments as the quasi-Pareto criterion, the effects of the diamond effects on consumer surplus, economists' over-estimation of the costs of public spending, and his theory of the third best. The remarkable conclusion of treating a dollar as a dollar provides a powerful simplification of public policy formulation in general and in cost-benefit analysis in particular. The author attempts to make welfare economics more complete by discussing increasing returns, using the recent Yang-Ng framework of division of labour and by pushing welfare economics from the level of preference to that of welfare or happiness, making a reformulation of public policy necessary.
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The practical value of intuitive insights provided by innovative scholars drives much of the current development in applied welfare economics. This authoritative volume – prepared by leading researchers in the field – presents the most important articles that provide a foundation for applied welfare economic practices. It ... includes those major papers that develop the methodology of applied economic welfare measurement alongside applications in the fields of welfare work. This landmark book will provide students and scholars with a convenient source of reference to the foundations of applied welfare economics.
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The second part of the book considers the principles of applied welfare economics. Developing the use of the compensating variation as their main tool, the authors discuss welfare change measurement in single-person and many-person economies. In the final chapter they survey the recent literature on cost-benefit analysis.
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