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Efficiency and Equity in Welfare Economics

  • Book
  • © 2013

Overview

Authors:
  1. PierCarlo Nicola

    1. Dipto. Matematica, Università di Milano, Milano, Italy

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Part of the book series: Lecture Notes in Economics and Mathematical Systems (LNE, volume 661)

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Table of contents (10 chapters)

  1. Front Matter

    Pages i-xii
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  2. Inequality, Poverty, and Welfare

    1. Front Matter

      Pages 7-7
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    2. Overview

      • PierCarlo Nicola
      Pages 1-6

    3. Social Welfare Functions and Income Distributions

      • PierCarlo Nicola
      Pages 9-16

    4. Inequality and Poverty Indexes

      • PierCarlo Nicola
      Pages 17-28

  3. Welfare and Efficiency

    1. Front Matter

      Pages 29-29
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    2. Inequality, Efficiency, and the Production Sphere

      • PierCarlo Nicola
      Pages 31-40

    3. Efficiency and Welfare

      • PierCarlo Nicola
      Pages 41-47

    4. Information Incentives and Performance

      • PierCarlo Nicola
      Pages 49-51

  4. Summary Example and Numerical Simulations

    1. Front Matter

      Pages 53-53
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    2. A Summary Example

      • PierCarlo Nicola
      Pages 55-68

    3. Implementing the Example: One Time Period

      • PierCarlo Nicola
      Pages 69-100

    4. Dynamics: Many Time Periods

      • PierCarlo Nicola
      Pages 101-126

    5. Final Remarks

      • PierCarlo Nicola
      Pages 127-131

  5. Back Matter

    Pages 133-156
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Keywords

About this book

Increasing efficiency in generating national income and improving equity in its distribution among economic agents is at the forefront of priorities of most modern economies. This book presents a model which aims to maximize a symmetrical welfare function under certain constraints which consider both efficiency and equity, i.e. taxes and subsidies, implemented by a public authority. The model is numerically implemented and considers a set of economic agents with starting incomes that satisfy Pareto income law under various values of the alpha parameter. Also, the model implementations respect the social production function. Various experiments are presented which show how income inequality (measured by means of the Lorenz curve and, what I call, the Lorenz-Gini inequality index) and measures of poverty are sensibly reduced by redistributing national income without lowering efficiency in production. A case study, or application, of Italian personal income in 2008 is also presented.

Authors and Affiliations

  • Dipto. Matematica, Università di Milano, Milano, Italy

    PierCarlo Nicola

About the author

PierCarlo Nicola was Professor of Mathematical Economics at the University of Milan, 1975-2009. Academician, Accademia Nazionale dei Lincei (Rome), since 2009 and Member of Istituto Lombardo, Accademia di Scienze e Lettere, Milan, since 1996.     

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