THIS IS AN ESSAY about incentive struc-tures and information. Their joint effect is to give
the welfare state an efficiency function which is largely separate from redistributive aims. The …

1. THE subject of this paper is a matter of very fundamental importance, both for economic
theory and for the proper attitude of economists towards economic policy. That being so, it is …

Welfare economics is that part of the general body of economic theory which is concerned
primarily with policy. Some people would argue that all economics is or should be …

The title refers to a distinction between the new welfare economics,(now not so new) and a
newer welfare economics. The objectives of the new welfare economics were to provide …

This detour may have a by-product which may be of some interest. I have often been asked,
even by scholars on a very high level, whether econometrics is not a rather abstract and dry …

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 …

Modem economic theory draws a sharp distinction between positive economics, which
explains the working of the economic system, and welfare economics, which prescribes …

THOUGH Welfare Economics appears to have settled into the position of a regular,
accepted, branch of economics—or at least of economic teaching—it remains to some extent …

IN A capitalist democracy there are essentially two methods by which social choices can be
made: voting, typically used to make" political" decisions, and the market mechanism …

It is plain then that Science is the union of Knowledge and Intuition, and has for its objects
those things which are most precious in their nature. Accordingly, Anaxagoras, Thales, and …