A Critique of Welfare Economics by I. M. D. Little

A Critique of Welfare Economics

byI. M. D. Little

Hardcover | September 15, 2002

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A 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 couldbe 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 added anew retrospective preface to Critique in which he assesses the contribution the book made in the light of subsequent literature in the area.

About The Author

I.M.D. Little is Emeritus Fellow of Nuffield College, Oxford. He was made an Honorary Fellow of New College, Oxford in 1999. During his career he has held fellowships at All Souls College, Oxford, Trinity College, Oxford, and from 1971-7 was Professor of Economics of Underdeveloped Countries at the University of Oxford. Professor Litt...

Details & Specs

Title:A Critique of Welfare EconomicsFormat:HardcoverDimensions:324 pages, 8.5 × 5.43 × 0.88 inPublished:September 15, 2002Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0198281196

ISBN - 13:9780198281191

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Table of Contents

1. Utilitarian Economics2. The Analysis of Consumers' Behaviour3. The Choice Criterion4. The Distribution of Welfare5. Value Judgements and Welfare Economics6. The New Welfare Economics (1): Welfare Criteria7. The New Welfare Economics (2): The Economic Welfare Function8. The 'Optimum' Conditions of Production and Exchange (1)9. The 'Optimum' Conditions of Production and Exchange (2)10. Indivisibilities and Consumers' Surplus11. Output and Price Policy in Public Enterprise12. The Valuation of the National Income13. Welfare Theory and International Trade14. Welfare Theory and Politics15. ConclusionsAppendices.

Editorial Reviews

`This book establishes [Little] as a thinker of the first flight and a fine economic theorist''The Economist