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Welfare Economics

The New Palgrave Dictionary of Economics

Abstract

In 1776, the same year as the American Declaration of Independence, Adam Smith published The Wealth of Nations. Smith laid out an argument that is now familiar to all economics students: (1) The principal human motive is self-interest. (2) The invisible hand of competition automatically transforms the self-interest of many into the common good. (3) Therefore, the best government policy for the growth of a nation’s wealth is that policy which governs least.

This chapter was originally published in The New Palgrave: A Dictionary of Economics, 1st edition, 1987. Edited by John Eatwell, Murray Milgate and Peter Newman

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  1. http://link.springer.com/referencework/10.1007/978-1-349-95121-5

    Allan M. Feldman

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  1. Allan M. Feldman
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    Feldman, A.M. (1987). Welfare Economics. In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95121-5_1417-1

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    • DOI: https://doi.org/10.1057/978-1-349-95121-5_1417-1

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    • Online ISBN: 978-1-349-95121-5

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    1. Latest

      Welfare Economics
      Published:
      31 March 2017

      DOI: https://doi.org/10.1057/978-1-349-95121-5_1417-2

    2. Original

      Welfare Economics
      Published:
      01 December 2016

      DOI: https://doi.org/10.1057/978-1-349-95121-5_1417-1

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