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Welfare Economics and Second-Best Theory

A Distortion-Analysis Protocol for Economic-Efficiency Prediction

Authors: Markovits, Richard S.

  • Develops and legitimates a new protocol for economic-efficiency analysis
  • Investigates the implications of the General Theory of Second Best for economic-efficiency analysis
  • Illustrates how its third-best protocol differs from the various protocols economists currently use 
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Buy this book

eBook 58,84 €
price for Spain (gross)
  • The eBook version of this title will be available soon
  • Due: June 15, 2020
  • ISBN 978-3-030-43360-4
  • Digitally watermarked, DRM-free
  • Included format:
  • ebooks can be used on all reading devices
Hardcover 72,79 €
price for Spain (gross)
  • Due: June 15, 2020
  • ISBN 978-3-030-43359-8
  • Free shipping for individuals worldwide
  • The final prices may differ from the prices shown due to specifics of VAT rules
About this Textbook

This book examines the implications of The General Theory of Second Best for analyzing the economic efficiency of non-government conduct or government policies in an economically efficient way.  It develops and legitimates an economically efficient economic-efficiency-analysis protocol with three unique characteristics: First, the protocol focuses separately on each of a wide variety of categories of economic inefficiency, many of which conventional analyses ignore. Second, it analyzes the impact of conduct or policies on each of these categories of economic inefficiency, primarily by predicting the respective conduct’s/policy’s impact on the distortion that the economy’s various Pareto imperfections generate in the profits yielded by the resource allocations associated with the individual categories of economic inefficiency—i.e., on the difference between their profitability and economic efficiency.  And third, it is third-best—i.e., it instructs the analyst to execute a theoretical or empirical research project if and only if the economic-efficiency gains the project is expected to generate by increasing the accuracy of economic-efficiency conclusions exceed the predicted allocative cost of its execution and public financing.  The book also uses the protocol to analyze the economic efficiency of specific policies so as to illustrate both how it differs from the protocols that most applied welfare economists continue to use and how its conclusions differ from those produced by standard analysis.


About the authors

Richard Markovits holds a Ph.D. in economics from the London School of Economics and an L.L.B. from Yale Law School.  He currently holds the John B. Connally Chair in Law at the University of Texas Law School. He has taught at several other law schools and economics faculties in both the United States and Germany.  From 1981-1983, he was Co-Director of the Centre for Socio-Legal Studies at Wolfson College, Oxford.  His research chiefly focuses on Welfare Economics, Industrial Organization, Jurisprudence, and Constitutional Law.

Buy this book

eBook 58,84 €
price for Spain (gross)
  • The eBook version of this title will be available soon
  • Due: June 15, 2020
  • ISBN 978-3-030-43360-4
  • Digitally watermarked, DRM-free
  • Included format:
  • ebooks can be used on all reading devices
Hardcover 72,79 €
price for Spain (gross)
  • Due: June 15, 2020
  • ISBN 978-3-030-43359-8
  • Free shipping for individuals worldwide
  • The final prices may differ from the prices shown due to specifics of VAT rules
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Bibliographic Information

Bibliographic Information
Book Title
Welfare Economics and Second-Best Theory
Book Subtitle
A Distortion-Analysis Protocol for Economic-Efficiency Prediction
Authors
Copyright
2020
Publisher
Springer International Publishing
Copyright Holder
Springer Nature Switzerland AG
eBook ISBN
978-3-030-43360-4
DOI
10.1007/978-3-030-43360-4
Hardcover ISBN
978-3-030-43359-8
Edition Number
1
Number of Pages
XXIII, 357
Number of Illustrations
5 b/w illustrations
Topics