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Efficiency and Equity in Welfare Economics (Paperback, 2013 ed.)
Loot Price: R1,899
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Efficiency and Equity in Welfare Economics (Paperback, 2013 ed.)
Series: Lecture Notes in Economics and Mathematical Systems, 661
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Total price: R1,919
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Increasing efficiency in generating national income and improving
equity in its distribution among economic agents is at the
forefront of priorities of most modern economies. This book
presents a model which aims to maximize a symmetrical welfare
function under certain constraints which consider both efficiency
and equity, i.e. taxes and subsidies, implemented by a public
authority. The model is numerically implemented and considers a set
of economic agents with starting incomes that satisfy Pareto income
law under various values of the alpha parameter. Also, the model
implementations respect the social production function. Various
experiments are presented which show how income inequality
(measured by means of the Lorenz curve and, what I call, the
Lorenz-Gini inequality index) and measures of poverty are sensibly
reduced by redistributing national income without lowering
efficiency in production. A case study, or application, of Italian
personal income in 2008 is also presented.
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