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Welfare and Efficiency in Public Economics (Paperback, Softcover reprint of the original 1st ed. 1988)
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Welfare and Efficiency in Public Economics (Paperback, Softcover reprint of the original 1st ed. 1988)
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Hans-Werner Sinn, Munich, West Germany This book contains 15 papers
presented at a conference in Neresheim, West Ger many, in June
1986. The articles were selected by anonymous referees and most of
them have undergone substantial revisions since their presentation.
The common topic is measurement of welfare, both from efficiency
and from equity perspectives. For many economists, welfare is a
diffuse, arbitrary and am biguous concept. The papers collected in
this book show that this view is not justified. Though not beyond
all doubt, welfare theory today is crisp and clear, offering fairly
straightforward measuring concepts. It even comes up with numbers
that measure society's advantage or disadvantage from specific
policy options in monetary units. Politicians get something they
can intuitively understand and argue with, and they do not have to
be afraid that all this is metaphysics or the result of the
scientist's personal value judgements. Some economists, whom I
would classify as belonging to the "everything is optimal" school,
would claim that providing politicians with numerical welfare
measures is superfluous or even dangerous. The world is as it is,
and any attempt to give policy advice can only make things worse. I
do not share this view. There are good policies and there are bad
ones, but it may not be easy to distinguish between them. There is
a role for consulting politicians, Dr."
General
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