Measuring Economic Welfare (Paperback)

Language: English

Published by Cambridge University Press, Cambridge, 2007

0521035945 / 9780521035941

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Paperback. Professor 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. Professor 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. This item is printed on demand. Shipping may be from our UK warehouse or from our Australian or US warehouses, depending on stock availability.…

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Title
Measuring Economic Welfare (Paperback)
Author
George W. McKenzie
Publisher
Cambridge University Press, Cambridge
Publication year
2007
Condition
new
Binding
Paperback
Language
English
ISBN 10
0521035945
ISBN 13
9780521035941
Edition
1st Edition

CitiRetail

Stevenage, United Kingdom

5-star seller

AbeBooks seller since June 29, 2022

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