This book provides compelling arguments for the exclusive concern
with efficiency ('a dollar is a dollar') in all specific areas of
public economic policy, leaving the objective of equality to be
achieved through the general tax/transfer system. Public policies
should ultimately maximize the sum of individual welfares which
should be individual happiness rather than preferences.
Relative-income and environmental disruption effects cause a bias
in favour of private spending which is no longer conducive to
happiness socially. Welfare can be increased more by higher public
spending on research and environmental protection, including the
perfection of the techniques of brain stimulation to increase
happiness.
General
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