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The Present State of Consumer Theory - The Implications for Social Welfare Theory (Paperback, Third Edition)
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The Present State of Consumer Theory - The Implications for Social Welfare Theory (Paperback, Third Edition)
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The neoclassical theory of choice is an integral part of a large
and growing literature. Its elegance, simplicity and apparent
generality appear, increasingly, to influence the thinking of
psychologists, sociologists, and political scientists. At the same
time, the theory is subject to robust attack. The theme of the book
is that the critics have it right. Account must be taken of the
endogeneity of preference and value structures, of decision makers'
cognitive limitations, of information asymmetries, of opportunistic
behavior, and of positive transaction and decision costs. Yet these
considerations militate against the specification of both the
efficiency frontier and the Social Welfare Function. This, in turn,
suggests that Social Welfare Theory is an inappropriate guide for
the formulation of distributional and other economic policies. A
corollary is that economists' (and others) attention should center
less on 'getting the prices right' and more on 'getting the
institutions right'.
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