Measuring Economic Welfare
By (author) George W. McKenzie
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Measuring Economic Welfare by George W. McKenzie
Book DescriptionProfessor McKenzie proposes and formulates a method composed of operational procedures designed to facilitate the evaluation of economic projects and policies. This method is discussed fully, illustrated by simple examples, and compared with alternative procedures. An outline of a computer program that enables readers to undertake their own calculations is included. In order to present the approach clearly, the author provides an exposition of the fundamental ideas and the main alternative approaches to the problem. These rely on various forms of index numbers and consumer surplus. However, as is well known, such measures are not capable of correctly ordering the various alternatives under consideration, except under highly unrealist assumptions. In this book the author suggests the abandonment of this traditional approach based on the concept of 'willingness-to-pay' or the conpensating variation. Instead, the measure that Samuelson has called the 'money-metric' should become the cornerstone of applied welfare economics.
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Book DetailsISBN: 9780521035941
(228mm x 152mm x 12mm)
Imprint: Cambridge University Press
Publisher: Cambridge University Press
Publish Date: 12-Mar-2007
Country of Publication: United Kingdom
Books By Author George W. McKenzie
Measuring Economic Welfare, Hardback (March 1983)» View all books by George W. McKenzie
Professor McKenzie proposes and formulates a method composed of operational procedures designed to facilitate the evaluation of economic projects and policies.
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