The Economics of Welfare occupies a privileged position in
economics. It contributed to the professionalization of economics,
a goal aggressively and effectively pursued by Pigou's predecessor
and teacher Alfred Marshall. The Economics of Welfare also may be
credited with establishing welfare economics, by systematically
analyzing market departures and their potential remedies. In
writing The Economics of Welfare, Pigou built a bridge between the
old and the new economics at Cambridge and in Britain. Much of the
book remains relevant for contemporary economics. The list of his
analyses that continues to play an important role in economics is
impressive. Some of the more important include: public goods and
externalities, welfare criteria, index number problems, price
discrimination, the theory of the firm, the structure of relief
programs for the poor, and public finance. Pigou's discussion of
the institutional structure governing labor-market operations in
his Wealth and Welfare prompted Schumpeter to call the work "the
greatest venture in labor economics ever undertaken by a man who
was primarily a theorist."
The Economics of Welfare established welfare economics as a
field of study. The first part analyzes the relationship between
the national dividend and economic and total welfare. Parts II and
III link the size of the dividend to the allocation of resources in
the economy and the institutional structure governing labor-market
operations. Part IV explores the relationship between the national
dividend and its distribution.
In her new introduction, Nahid Aslanbeigui discusses the life of
Pigou and the history of The Economics of Welfare. She also
discusses Pigou's theories as expressed in this volume and some of
the criticisms those theories have met as well as the impact of
those criticisms. The Economics of Welfare is a classic that repays
careful study.
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