Along with the renewed interest in the Austrian school of economics over the last two decades, important advances have been made in applying its princples to concrete issues that typically face market economics. However, very little has been done in the area of externalities and the concept of social efficiency.
The overarching purpose of this book is to establish a sound theoretical basis for further empirical and public policy analysis in the area of externalities. In order to do this, a general theory of welfare economics is required. The author offers an alternative to the conventional neoclassical welfare paradigm -- his construct does not include perfect competition or general equilibrium.
After the author develops his theory of welfare economics, he interprets externalities in light of the theory and discusses policy remedies and directions for further research.

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Bibliographic Information

Book Title: Welfare Economics and Externalities In An Open Ended Universe
Book Subtitle: A Modern Austrian Perspective
Authors: Roy E. Cordato
DOI: https://doi.org/10.1007/978-1-4757-2145-4
Publisher: Springer New York, NY
eBook Packages: Springer Book Archive
Copyright Information: Springer Science+Business Media New York 1992
Softcover ISBN: 978-1-4757-2147-8Published: 22 November 2012
eBook ISBN: 978-1-4757-2145-4Published: 09 March 2013
Edition Number: 1
Number of Pages: XX, 140
Topics: Microeconomics, Political Science, Political Philosophy

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Table of contents (7 chapters)

Front Matter

Introduction

The Genealogy of the Austrian Position

Externalities and Modern Austrian Theories of Economic Welfare: Problems and Promises

Catallactic Efficiency: Welfare Economics in an Open Ended World

Catallactic Efficiency and Externalities

Application: The Economics of Tort Liability

Conclusion

Back Matter

About this book