Welfare economics

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  • “Social Welfare” offers, for the first time, a wide-ranging, internationally-focused selection of cutting-edge work from leading academics. Its interdisciplinary approach and comparative perspective promote examination of the most pressing social welfare issues of the day. The book is divided in three sections.

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  • The purpose of this book is to offer a unifying conceptual framework for the normative study of taxation and related subjects in public eco- nomics. Such a framework necessarily begins with a statement of the social objective, taken here to be the maximization of a conventional social welfare function, and then asks how various government instru- ments are best orchestrated to achieve it. The structure is built on the foundation provided by the fundamental theorems of welfare econom- ics.

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  • Recently public attention has turned toward the intricate interrelation between economic growth and global warming. This book focuses on this nexus but broadens the framework to study this issue. Growth is seen as global growth, which affects the global environment and climate change. Global growth, in particular high economic growth rates, implies a fast depletion of renewable and nonrenewable resources. Thus the book deals with the impact of economic growth on the envi- ronment and the effect of the exhaustive use of natural resources as well as the reverse linkage.

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  • Over the past 20 years, with the reform policy called Doi Moi comprehensively applied to the economy, Vietnam has achieved great results in her economic development process. High rate of economic growth with average of 7-8% per annum sustained for almost nearly two decades has contributed to considerable increase in per capita income, from 180 USD in early 1990s to nearly 1,200 USD in 2010. With the considerable increase in per capita income, there was the improvement of the people’s general welfare.

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  • Having thus introduced the papers collectively, let me also say something about them individually, thereby giving some sense for which kinds of economists might find which papers especially interesting. Akerlof and Kranton’s paper has clear links to both labor economics and organizational economics, and also more broadly to behavioral economics.

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  • In this chapter, you will: Examine the link between buyers’ willingness to pay for a good and the demand curve, learn how to define and measure consumer surplus, examine the link between sellers’ costs of producing a good and the supply curve, learn how to define and measure producer surplus, see that the equilibrium of supply and demand maximizes total surplus in a market.

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  • In this chapter you will: Learn the nature of an externality, see why externalities can make market outcomes inefficient, examine how people can sometimes solve the problem of externalities on their own, consider why private solutions to externalities sometimes do not work, examine the various government policies aimed at solving the problem of externalities.

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  • This chapter distinguish between the Pareto and Bergson criteria for a welfare improvement, discuss Nozick’s entitlement theory and its relevance to the recent history of South Africa, explain how a redistribution of income can be justified in terms of the theory of externalities, distinguish between the cardinal and ordinal social welfare functions, discuss the efficiency implications of policies aimed at redistributing income from rich to poor people.

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  • In this chapter: Distinguish primary from secondary income distribution, understand the redistributive impact of the budget on secondary income distribution, explain the calculation of a Gini coefficient, identify the excess burden of a subsidy, show how a subsidy could be welfare-enhancing if there are positive externalities associated with consumption of certain goods (e.g. Food for the poor),...

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  • Chapter 3 - Labour supply and public policy. The main contents of this chapter include all of the following: Labour supply factors, government transfer programs, welfare programs, workers compensation, child-care subsidies,...and other contents.

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  • Whether the economy can successfully create enough jobs for welfare workers is yet to be seen. The existence of discriminatory practices, particularly in labor markets, compounds the problems of poverty. The groups with the highest rates of poverty, black families and those headed by a female, are also groups that are susceptible to being victims of discrimination. This chapter provides knowledge of poverty and discrimination.

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  • The creation of the North American Free Trade Agreement and the World Trade Organization stepped up the controversy between protectionists and free traders. Protectionists argue that imports should be limited to reduce foreign competition with goods produced in the United States, to remedy balance of trade and balance of payments problems, and to encourage U.S. industries vital to national security and economic welfare.

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  • C H A P T E R T H I R T Y Urban Crime, Race, and the Criminal Justice System in the United States 30.1 INTRODUCTION The impact of crime on general welfare is profound. Those most directly impacted are the victims of crime. By one estimate, the combination of direct monetary losses and the costs of pain and suffering among crime victims in the United States

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  • Price theory is made richer by the fact that each individual’s choices can affect the opportunities available to others. If you decide to eat all of the cake, your roommate cannot decide to eat some too. An equilibrium is an outcome in which each person’s behavior is compatible with the restrictions imposed by everybody else’s behavior. In many situations, it is possible to say both that there is only one possible equilibrium and that there are good reasons to expect that equilibrium to actually come about. This enables the economist to make predictions about the world....

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  • The term "liberalism," from the Latin "liber" meaning "free," referred originally to the philosophy of freedom. It still retained this meaning in Europe when this book was written (1927) so that readers who opened its covers expected an analysis of the freedom philosophy of classical liberalism. Unfortunately, however, in recent decades, "liberalism" has come to mean something very different. The word has been taken over, especially in the United States, by philosophical socialists and used by them to refer to their government intervention and "welfare state" programs.

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  • The umbrella term Social Sciences and Humanities refers to a plurality of fields outside the Natural or Physical Sciences. Disciplines as different as anthropology, archaeology, architecture, art, cultural studies, economics, education, geography and environmental studies, history, law, languages and linguistics, political science, philosophy, psychology, sociology or translation studies, all share the concern for human relations and socio-cultural practices.

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  • The Information Technology Laboratory (ITL) at the National Institute of Standards and Technology promotes the U.S. economy and public welfare by providing technical leadership for the nation’s measurement and standards infrastructure. ITL develops tests, test methods, reference data, proof-ofconcept implementations, and technical analyses to advance the development and productive use of information technology.

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  • Technological change is today central to the theory of economic growth (Teixeira and Fortuna, 2010). It is recognized as an important driver of productivity growth and the emergence of new products from which consumers derive welfare (Verspagen, 2010).

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