By Catherine M. Price
ISBN-10: 0333198387
ISBN-13: 9780333198384
ISBN-10: 1349157392
ISBN-13: 9781349157396
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Example text
It has already been emphasised that all products are substitutes to the consumer, because all represent alternative ways of spending his income. Should we therefore attempt to include the whole gamut of consumer products and their divergences from marginal cost in assessing what Government policy should be? Clearly this would enlarge the scope of the problem so far as to make it intractable; but deciding just where the line should be drawn is not easy. Should we consider the woollen-garment industry in studies of fuel prices for example, or the bicycle industry in transport policy, where clearly some tenuous connections exist?
However, it would be unrealistic to suppose that Paretian 32 Theory conditions for optimum welfare are often likely to be met, and in a case where they are not we have seen that the conditions give no guidance for comparing sub-optimal positions. For example, consider merely one of the Paretian marginal requirements, that the rates of indifferent and technical substitution between all products should be equal. This means, among other things, that all products should be priced such that the ratio of their prices should equal the ratio of their marginal costs, that is, prices equal marginal cost once a numeraire has been chosen.
S. FELDSTEIN AND J. M. FLEMING, 'The Problem of Time-Stream Evaluation: Present Value versus Internal Rate of Return Rules', K. Efficiency in a Dynamic Economy 57 Bulletin of the Oxford University Institute of Economics and Statistics, vol. 26 (1964). S. A. MARGLIN, 'The Social Rate of Discount and the Optimum Rate of Investment', Quarterly Journal of Economics, vol. 77 (1963). E. J. MISHAN, Elements of Cost Benefit Analysis (London: Allen & Unwin, 1972). Chapter 5 Assessment of Neoclassical Welfare Economics This seems an appropriate place to assess how far the theories presented in the first four chapters provide a useful guide to economic policy.
Welfare Economics in Theory and Practice by Catherine M. Price
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