SOCIAL GAIN, WELFARE, POLITICAL ECONOMY AND A' THAT

The economic criterion of public investment choice is aggregate consumers' surpluses and producers' rents generated by the investment. Its analytical model is a social revenue function and a social cost function. It is a welfare criterion only so far as efficiency is a welfare component and then subject to severe limitations. It is argued here that the economist's conclusions rest in part on a set of value preferences; therefore, the test of their rightness is in part their acceptability to the public choice-maker.


Issue Date:
1966-06
Publication Type:
Journal Article
PURL Identifier:
http://purl.umn.edu/22669
Published in:
Australian Journal of Agricultural Economics, Volume 10, Number 1
Page range:
27-38
Total Pages:
12




 Record created 2017-04-01, last modified 2017-08-24

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