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Books > Social sciences > Sociology, social studies > Social welfare & social services > Welfare & benefit systems
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The Economics of Welfare (Paperback)
Loot Price: R2,124
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The Economics of Welfare (Paperback)
Series: Palgrave Classics in Economics
Expected to ship within 10 - 15 working days
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In "The Economics of Welfare," originally published in 1920, Pigou
reconceptualized economics as a science of economic welfare, in the
course of which he developed the first systematic theory of market
failures. Employing Alfred Marshall's theoretical framework and the
utilitarian logic of Henry Sidgwick, he argued that the Smithian
'system of natural liberty' can fail to maximise economic welfare
in three crucial spheres. Economic transactions grounded in the
free play of self-interest may achieve a suboptimal allocation of
resources by producing spillovers; they may maldistribute the
national income, damaging much of the population; and they may
generate business cycles, causing unemployment as well as income
and consumption instabilities. In his analysis of how to repair
these failures, Pigou made an elaborate, carefully reasoned case
that interventions in otherwise unfettered markets may be in order.
This reissued classic includes a new introduction by Nahid
Aslanbeigui and Guy Oakes, who offer fresh ideas on "The Economics
of Welfare" as a treatise that cannot be reduced to a programmatic
collection of taxes and subsidies designed to maximise economic
welfare. They also spell out the implications of Pigou's thought
for contemporary economics.
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