Boskin Economics and Human Welfare

Essays in Honor of Tibor Scitovsky
1. Auflage 2014
ISBN: 978-1-4832-6100-3
Verlag: Elsevier Science & Techn.
Format: PDF
Kopierschutz: 1 - PDF Watermark

E-Book, Englisch, 414 Seiten, Web PDF

Economic Theory, Econometrics, and Mathematical Economics: Economics and Human Welfare: Essays in Honor of Tibor Scitovsky focuses on the principles, influence, and contributions of Tibor Scitovsky on economics. The selection first elaborates on welfare economics and microeconomic theory, property rights doctrine and demand revelation under incomplete information, and experiments in the pricing of theater tickets. Discussions focus on the effect on audience composition, volume, and revenues, failure of bargaining under privacy, growing disenchantment with economic growth, and bargaining as a game of incomplete information. The text then takes a look at economics and the transformation of the idea of progress and changes in the size distribution of income. The text ponders on welfare criteria, distribution, and cost- benefit analysis; position of ethics in the theory of production; and rationing and price as methods of restricting demand for specific products. Topics include excise taxation with revenue distributed like rations; private and social returns to morality; effect of changes in the cost of organization and communication; and logical and historical foundation of the theory of the welfare state. The selection is highly recommended for economists and researchers interested in pursuing studies on the relationship of economics and human welfare.

Autoren/Hrsg.

Boskin, Michael J.

Inhaltsverzeichnis

1;Front Cover;1
2;Economics and Human Welfare: Essays in Honor of Tibor Scitovsky;4
3;Copyright Page;5
4;Table of Contents;6
5;List of Contributors;12
6;Preface;14
7;Acknowledgments;16
8;PART I: WELFARE ECONOMICS AND MICROECONOMIC THEORY;18
8.1;Chapter 1. Economic Growth and Its Discontents;20
8.1.1;1. The Growing Disenchantment with Economic Growth;20
8.1.2;2. Surveys of Happiness;23
8.1.3;3. What Can Explain the Easterlin Paradox?;25
8.1.4;4. What of It?;33
8.1.5;References;37
8.2;Chapter 2. The Property Rights Doctrine and Demand Revelation under Incomplete Information;40
8.2.1;1. Introduction;40
8.2.2;2. A Formalization of Bargaining;44
8.2.3;3. The Failure of Bargaining under Privacy;46
8.2.4;4. Bargaining as a Game of Incomplete Information;48
8.2.5;5. The Demand-Revelation Game;51
8.2.6;6. The Utilitarian Decision Rule;54
8.2.7;References;55
8.3;Chapter 3. On Two Experiments in the Pricing of Theater Tickets;58
8.3.1;1. Introduction;58
8.3.2;2. The Off-Off-Broadway Theater;59
8.3.3;3. The Voucher Program for the Support of Off-Off-Broadway;61
8.3.4;4. The Voucher Audience;63
8.3.5;5. Other Consequences of the Program;65
8.3.6;6. Concluding Comment on Vouchers;67
8.3.7;7. The Second Experiment: The Discount Ticket Booth—Background;67
8.3.8;7. The Second Experiment: The Discount Ticket Booth—Background;67
8.3.9;8. The TKTS Discount Booth Arrangements;68
8.3.10;9. Effect on Audience Composition;69
8.3.11;10. Effect on Volume and Revenues;71
8.3.12;11. Concluding Comment;73
8.3.13;References;73
8.4;Chapter 4. From Growth to the Millenium: Economics and the Transformation of the Idea of Progress;76
8.4.1;1. A Puzzle for Social Science;76
8.4.2;2. Material Progress, Economic Welfare, and Social Welfare;78
8.4.3;3. Unbalanced Growth and the Dubious Nature of Economic Progress;81
8.4.4;4. The Ideology of Limits and the Future of Middle-Class Millenarianism;86
8.4.5;References;89
8.5;Chapter 5. Appraisal of Project Appraisal;92
8.5.1;1. Introduction;92
8.5.2;2. Theoretical Roots;95
8.5.3;3. Measurement of Economic Performance;103
8.5.4;4. The Market and the Plan: The Place of Cost-Benefit Analysis;108
8.5.5;Appendix;113
8.5.6;References;116
8.6;Chapter 6.
The Size Distribution of Income: How Has It Changed?*;118
8.6.1;1. Introduction;118
8.6.2;2. The Logical and Historical Foundation of the Theory of the Welfare State;120
8.6.3;3. The Aumann-Kurz Theory of Income Distribution;130
8.6.4;4. The Effect of Changes in the Cost of Organization and Communication;134
8.6.5;5. Some Qualifications;138
8.6.6;References;139
8.7;Chapter 7. Welfare Criteria, Distribution, and Cost- Benefit Analysis;142
8.7.1;References;148
8.8;Chapter 8. The Place of Ethics in the Theory of Production;150
8.8.1;1. Introduction;150
8.8.2;2. The Meaning and Measure of Ethical Conduct;151
8.8.3;3. The Productive Effect of Moral Conduct;157
8.8.4;4. Private and Social Returns to Morality;160
8.8.5;5. The Production of Moral Individuals;161
8.8.6;References;163
8.9;Chapter 9. Rationing and Price as Methods of Restricting Demand for Specific Products;164
8.9.1;1. Introduction;164
8.9.2;2. Rationing with Nontransferable Coupons;168
8.9.3;3. Rationing with Transferable Coupons;174
8.9.4;4. Excise Taxation with Revenue Distributed like Rations;176
8.9.5;References;179
8.10;Chapter 10.
What Price the National Income?;180
8.10.1;1. Introduction;180
8.10.2;2. Changes in Real Investment and National Income in a Closed Economy;182
8.10.3;3. The Open Economy: Allowing for Changes in the Terms of Trade;188
8.10.4;4. Net Property Income and Transfers from Abroad;195
8.10.5;5. A Generalization to All Outputs and Concluding Remarks;195
8.10.6;References;198
8.11;Chapter 11.
Interpersonal Comparisons of Welfare;200
8.11.1;1. Introduction;200
8.11.2;2. Descriptive Interpretations;202
8.11.3;3. Normative Interpretations;207
8.11.4;4. Comparability Types: Formal Structures;208
8.11.5;5. Dual Comparability;212
8.11.6;6. Concluding Remarks;216
8.11.7;References;216
8.12;Chapter 12. On Search and Equilibrium Price Distributions;220
8.12.1;1. Introduction;220
8.12.2;2 . The Model;223
8.12.3;3. Concluding Remarks;231
8.12.4;References;233
9;PART II:
INTERNATIONAL TRADE AND DEVELOPMENT;234
9.1;Chapter 13. The Long-Run Incidence of Government Policies in Open Growing Economies;236
9.1.1;1. Introduction;236
9.1.2;2 . The Basic Model;238
9.1.3;3. Income Taxation;240
9.1.4;4. Numerical Examples;246
9.1.5;5. Conclusion;248
9.1.6;References;248
9.2;Chapter 14. Further Evidence on the Relationship Between International Reserves and World Inflation;250
9.2.1;1. Introduction;250
9.2.2;2. The Data;251
9.2.3;3. Reserve Changes and the Monetary Base;252
9.2.4;4. The Monetary Base and the Money Stock;256
9.2.5;5. The Relationship between Money and Prices;257
9.2.6;6. Regression Path Analysis;258
9.2.7;7. The Industrial and the Developing Countries Considered Separately;260
9.2.8;8. Conclusions;263
9.2.9;Appendix;264
9.2.10;References;264
9.3;Chapter 15. Commodity Reserve Money, Special Drawing Rights,and the Link to Less-Developed Countries;266
9.3.1;1. Introduction;267
9.3.2;2 . A Commodity-Reserve Currency?;267
9.3.3;3. International Fiat Money and Special Drawing Rights;274
9.3.4;4. The Seigniorage Problem and the Link to Less-Developed Countries;278
9.3.5;References;286
10;PART III:
MACROECONOMICS;288
10.1;Chapter 16. Equilibrium Theory and Growth Theory;290
10.1.1;1. Introduction;290
10.1.2;2. The Main Characteristics of Equilibrium Theory;291
10.1.3;3. Why Equilibrium Theory Is Wrong;294
10.1.4;4. An Alternative Approach to Growth Theory;303
10.1.5;References;308
10.2;Chapter 17. Dynamic Competition and Economic Stability;310
10.2.1;1. Introduction;310
10.2.2;2. The Phenomenon to Be Explained;311
10.2.3;3. Dynamic Competition;317
10.2.4;4. The Relationship between Microbehavior and Macroperformance;322
10.2.5;5. Diversity and Stability;332
10.2.6;References;336
10.3;Chapter 18.
The Economics of Keynes;338
10.3.1;1. Introduction;338
10.3.2;2. Keynesian Growth Theory;344
10.3.3;3. The Short Run;361
10.3.4;4. Generalizing the General Theory: Full Employment in the World Economy;372
10.3.5;5. Conclusion;375
10.3.6;References;376
10.4;Chapter 19. The Aggregate Supply Function in Keynes's General Theory;378
10.4.1;1. Introduction;378
10.4.2;2. The Meaning;381
10.4.3;3. The ASF against Employment;393
10.4.4;4. The 45° Average Supply Function (ASF-Y);397
10.4.5;References;409
10.5;Chapter 20. Money and the Money Wage Rate;410
10.5.1;1. Introduction;410
10.5.2;2. The Money Wage Rate as the Numéraire;411
10.5.3;3. Money and Sticky Prices;412
10.5.4;4. Sticky Money Wages;414
10.5.5;References;415
11;ECONOMIC THEORY, ECONOMETRICS, AND MATHEMATICAL ECONOMICS;416