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Welfare Economics and Public Choice

  • Timothy Besley

Abstract

Welfare economics provides the basis for judging the achievements of markets and policy makers in allocating resources. Its most powerful conceptual tool is the utility possibility frontier. This defines the set of utility allocations that can be achieved in a society subject to the constraints of tastes and technologies. Any allocation on the frontier cannot be Pareto dominated and hence would satisfy a rather minimal condition for it to be socially desirable.

Keywords

Public Choice American Economic Review Median Voter Social Welfare Function Pareto Frontier 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Kluwer Academic Publishers 2004

Authors and Affiliations

  • Timothy Besley

There are no affiliations available

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