Economic Theory

I. M. D. Little's A Critique of Welfare Economics PDF

By I. M. D. Little

ISBN-10: 0195664647

ISBN-13: 9780195664645

ISBN-10: 0198281196

ISBN-13: 9780198281191

First released in 1950, this booklet was once thinking about the exposition, feedback, and appreciation of the idea of financial welfare because it have been built to that date. Now reissued, Little has extra a brand new retrospective preface within which he assesses the contribution the booklet made within the gentle of next literature within the quarter.

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Sample text

Also it is obvious that in this context 'prefers' means 'likes better'. It is, moreover, true that people do compare differences in satisfaction. To see this we have only to see that, in ordinary language, it makes sense to say 'the satisfaction I get from coffee is much greater than the satisfaction I get from tea'. ', we can reply, for instance, that the difference is greater than that between China and Indian tea. It does not, however, follow from this that a cardinal utility system can t>e thought of as measuring satisfactions.

Io U T I L I T A R I A N ECONOMICS have been widely accepted as a result of certain criticisms of the Benthamite concepts. An essential feature of the Pigovian type of welfare economics is the assumption that each individual tries to maximize his own satisfaction. One could never say with much confidence that any change would increase the sum total of satisfaction if individuals were liable to let one down by suddenly trying to make themselves miserable. This assumption fitted in very well with the MarshalHan theory of consumers' demand.

And collection A. , no. i, Jan. 1949. I am indebted to Mr. J. Durbin of Cambridge for pointing out some mistakes in the article. 16 THE ANALYSIS OF CONSUMERS' BEHAVIOUR he is indifferent between B and C, C and Z), and so on. In other words, it is assumed that indifference is a transitive relation. This means that if a person is indifferent between A and B, and between B and C, then he must be indifferent between A and C. 1 Now give the consumer a little more Y. This brings him to a new point Z, which, let us say, represents jX and 8 Y whereas A represented yX and jY.

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A Critique of Welfare Economics by I. M. D. Little


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