Quiet Revolution in Welfare Economics (Princeton Legacy Library)

Michael Albert, Robin Hahnel

ISBN 10: 0691042527 / ISBN 13: 9780691042527

Published by Princeton University Press, 1990

About this Item

An excellent copy of this text presenting a critique of traditional welfare theory, written by radical economists Robin Hahnel and Michael Albert. The book critically examines welfare economics and proposes a new framework that addresses its limitations. Hardcover, 452pgs. Binding solid and sturdy despite a very slight lean. Interior clean and unmarked. Boards clean and firm. Dust jacket in very good condition with some light rubbing and scuffing only visible in bright light, and a small minor crease on the bottom edge of the front panel. Overall a crisp edition of this comprehensive resource.

Seller Inventory # ABE-1749048338337

Bibliographic Details

• Title: Quiet Revolution in Welfare Economics (Princeton Legacy Library)
• Publisher: Princeton University Press
• Publication Date: 1990
• Language: English
• ISBN 10: 0691042527
• ISBN 13: 9780691042527
• Binding: Hardcover
• Edition: 1st Edition
• Condition: Very Good
• Dust Jacket Condition: Very Good

About this title

Synopsis

This ambitious work presents a critique of traditional welfare theory and proposes a new approach to it. Radical economists Robin Hahnel and Michael Albert argue that an improved theory of social welfare can consolidate and extend recent advances in microeconomic theory, and generate exciting new results as well. The authors show that once the traditional "welfare paradigm" is appropriately modified, a revitalized welfare theory can clarify the relationship between individual and social rationalitya task that continues to be of interest to mainstream and nonmainstream economists alike. Hahnel and Albert show how recent work in the theory of the labor process, externalities, public goods, and endogenous preferences can advance research in welfare theory. In a series of important theorems, the authors extend the concept of Pareto optimality to dynamic contexts with changing preferences and thus highlight the importance of institutional bias. This discussion provides the basis for further analysis of the properties and consequences of private and public enterprise and of markets and central planning. Not surprisingly, Hahnel and Albert reach a number of conclusions at odds with conventional wisdom.

Originally published in 1990.

The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.