Leseprobe
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Quiet Revolution in Welfare Economics
Michael Albert, Robin Hahnel
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Sozialwissenschaften, Recht, Wirtschaft / Wirtschaft
Beschreibung
This ambitious work presents a critique of traditional welfare theory and proposes a new approach to it. Radical economists Robin Hahnel and Michael Albert argue that an improved theory of social welfare can consolidate and extend recent advances in microeconomic theory, and generate exciting new results as well. The authors show that once the traditional "welfare paradigm" is appropriately modified, a revitalized welfare theory can clarify the relationship between individual and social rationalitya task that continues to be of interest to mainstream and nonmainstream economists alike. Hahnel and Albert show how recent work in the theory of the labor process, externalities, public goods, and endogenous preferences can advance research in welfare theory. In a series of important theorems, the authors extend the concept of Pareto optimality to dynamic contexts with changing preferences and thus highlight the importance of institutional bias. This discussion provides the basis for further analysis of the properties and consequences of private and public enterprise and of markets and central planning. Not surprisingly, Hahnel and Albert reach a number of conclusions at odds with conventional wisdom.
Originally published in 1990.
The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.
Kundenbewertungen
Welfare economics, Dynamic efficiency, Market socialism, Self-interest, Isoquant, Social welfare function, Rationalization (sociology), Economist, Supply (economics), Value (economics), Partial equilibrium, Microeconomics, Marxian economics, Investment goods, Utilitarianism, Theory of value (economics), Marginal product, Spontaneous order, Economic planning, Snob effect, Benign neglect, Allocative efficiency, Rational choice theory, Homo economicus, Neoclassical economics, Employment, Marginal cost, Social contract, Indifference curve, Externality, Rational expectations, Efficiency, Price elasticity of supply, Good (economics), Economic freedom, Capitalism, Labor theory of value, Ordinal utility, Institutional economics, Marginal rate of substitution, Ideal type, Credit (finance), Bliss point (economics), Competition (economics), Endogeneity (econometrics), Theory of the second best, Economic surplus, Consumer sovereignty, Welfare state, Limited liability, Welfare, Utility, Economy, Mainstream economics, Economic problem, State capitalism, Economics, Marginal utility, Pareto efficiency, Profit maximization, Indicative planning, Preference (economics), Economic equilibrium, Economic security, Holism, Criticism of capitalism, Free rider problem, Market economy, John Maynard Keynes, Distributive justice