Readings in Social Welfare Theory and Policy

by Kuenne, Robert E.

• ISBN13: 9780631220725
• ISBN10: 0631220720
• Edition: 1st
• Format: Paperback
• Copyright: 2000-09-13
• Publisher: Wiley-Blackwell

Summary

In Readings in Social Welfare: Theory and Policy, Robert E. Kuenne packages postwar classics with contemporary discussions to examine the impact of social welfare theory on policy development. The book introduces students to frameworks developed by scholars to monitor the market's inefficiencies, to modify its income distribution and resource allocation, and to make decisions for social investment.The readings cover practical issues of national and international concern, such as income and wealth distribution, the measurement of social welfare, recent movements in government regulation theory and practice, the economics of drug prohibition, and the role of the public's risk aversion in the determination of public investment.This book and its complement, Readings in Applied Microeconomic Theory: Market Forces and Solutions, are part of the Blackwell Readings for Contemporary Economics series.

Author Biography

Robert E. Kuenne is Emeritus Professor of Economics at Princeton University and Director, General Economic Systems Company. His research focuses on general economic equilibrium theory, oligopoly theory, spatial theory, and defense economics. The author of numerous scholarly articles and 18 books, he is Associate Editor of the Journal of Regional Science and a board member of many acclaimed journals. He holds his Ph.D. from Harvard University, has received an honorary Ph.D. degree from the University of Ume?, Sweden, and has lectured and consulted widely.

Table of Contents

List of Authors	ix
Preface	xi
Acknowledgments	xiii
Part I: The Distribution of Wealth: Static and Life Cycle Views	1	(40)
Introduction	3	(2)
Recent Trends in the Size Distribution of Household Wealth	5	(19)
Edward N. Wolff
The Missing Piece in Policy Analysis: Social Security Reform	24	(17)
Martin Feldstein
Part II: Social Welfare Judgments and Measurement	41	(106)
Introduction	43	(4)
The General Theory of Second Best	47	(26)
R. G. Lipsey
Kelvin Lancaster
An Economic Theory of Clubs	73	(13)
James M. Buchanan
Consumer's Surplus Without Apology	86	(12)
Robert D. Willig
The Social Costs of Monopoly Power	98	(21)
Keith Cowling
Dennis C. Mueller
Rationality and Social Choice	119	(28)
Amartya Sen
Part III: When Markets Fail or Falter	147	(28)
Introduction	149	(2)
The Tragedy of the Commons	151	(12)
Garrett Hardin
The Market for ``Lemons'': Quality Uncertainty and the Market Mechanism	163	(12)
George A. Akerlof
Part IV: Social Regulation	175	(82)
Introduction	177	(3)
Behavior of the Firm Under Regulatory Constraint	180	(16)
Harvey Averch
Leland L. Johnson
Theories of Economic Regulation	196	(21)
Richard A. Posner
Surprises of Airline Deregulation	217	(8)
Alfred E. Kahn
The Economic Case Against Drug Prohibition	225	(17)
Jeffrey A. Miron
Jeffrey Zwiebel
Economic Foundations of the Current Regulatory Reform Efforts	242	(15)
W. Kip Viscusi
Part V: Public Goods and Investment	257	(58)
Introduction	259	(3)
The Pure Theory of Public Expenditure	262	(4)
Paul A. Samuelson
Uncertainty and the Evaluation of Public Investment Decisions	266	(18)
Kenneth J. Arrow
Robert C. Lind
Selling Spectrum Rights	284	(15)
John McMillan
Analyzing the Airwaves Auction	299	(16)
R. Preston McAfee
John McMillan
Index	315