Economics and Human Welfare - 1st Edition - ISBN: 9780121188504, 9781483261003

Economics and Human Welfare

1st Edition

Essays in Honor of Tibor Scitovsky

Editors: Michael J. Boskin
eBook ISBN: 9781483261003
Imprint: Academic Press
Published Date: 28th January 1979
Page Count: 414
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Economic Theory, Econometrics, and Mathematical Economics: Economics and Human Welfare: Essays in Honor of Tibor Scitovsky focuses on the principles, influence, and contributions of Tibor Scitovsky on economics.

The selection first elaborates on welfare economics and microeconomic theory, property rights doctrine and demand revelation under incomplete information, and experiments in the pricing of theater tickets. Discussions focus on the effect on audience composition, volume, and revenues, failure of bargaining under privacy, growing disenchantment with economic growth, and bargaining as a game of incomplete information. The text then takes a look at economics and the transformation of the idea of progress and changes in the size distribution of income.

The text ponders on welfare criteria, distribution, and cost- benefit analysis; position of ethics in the theory of production; and rationing and price as methods of restricting demand for specific products. Topics include excise taxation with revenue distributed like rations; private and social returns to morality; effect of changes in the cost of organization and communication; and logical and historical foundation of the theory of the welfare state.

The selection is highly recommended for economists and researchers interested in pursuing studies on the relationship of economics and human welfare.

Table of Contents

List of Contributors



Part I Welfare Economics and Microeconomic Theory

Economic Growth and Its Discontents

1. The Growing Disenchantment with Economic Growth

2. Surveys of Happiness

3. What Can Explain the Easterlin Paradox?

4. What of It?


The Property Rights Doctrine and Demand Revelation under Incomplete Information

1. Introduction

2. A Formalization of Bargaining

3. The Failure of Bargaining Under Privacy

4. Bargaining as a Game of Incomplete Information

5. The Demand-Revelation Game

6. The Utilitarian Decision Rule


On Two Experiments in the Pricing of Theater Tickets

1. Introduction

2. The Off-Off-Broadway Theater

3. The Voucher Program for the Support of Off-Off-Broadway

4. The Voucher Audience

5. Other Consequences of the Program

6. Concluding Comment on Vouchers

7. The Second Experiment: The Discount Ticket Booth—Background

8. The TKTS Discount Booth Arrangements

9. Effect on Audience Composition

10. Effect on Volume and Revenues

11. Concluding Comment


From Growth to the Millenium: Economics and the Transformation of the Idea of Progress

1. A Puzzle for Social Science

2. Material Progress, Economic Welfare, and Social Welfare

3. Unbalanced Growth and the Dubious Nature of Economic Progress

4. The Ideology of Limits and the Future of Middle-Class Millenarianism


Appraisal of Project Appraisal

1. Introduction

2. Theoretical Roots

3. Measurement of Economic Performance

4. The Market and the Plan: The Place of Cost-Benefit Analysis



The Size Distribution of Income: How Has It Changed?

1. Introduction

2. The Logical and Historical Foundation of the Theory of the Welfare State

3. The Aumann-Kurz Theory of Income Distribution

4. The Effect of Changes in the Cost of Organization and Communication

5. Some Qualifications


Welfare Criteria, Distribution, and Cost-Benefit Analysis


The Place of Ethics in the Theory of Production

1. Introduction

2. The Meaning and Measure of Ethical Conduct

3. The Productive Effect of Moral Conduct

4. Private and Social Returns to Morality

5. The Production of Moral Individuals


Rationing and Price as Methods of Restricting Demand for Specific Products

1. Introduction

2. Rationing with Nontransferable Coupons

3. Rationing with Transferable Coupons

4. Excise Taxation with Revenue Distributed Like Rations


What Price the National Income?

1. Introduction

2. Changes in Real Investment and National Income in a Closed Economy

3. The Open Economy: Allowing for Changes in the Terms of Trade

4. Net Property Income and Transfers from Abroad

5. A Generalization to All Outputs and Concluding Remarks


Interpersonal Comparisons of Welfare

1. Introduction

2. Descriptive Interpretations

3. Normative Interpretations

4. Comparability Types: Formal Structures

5. Dual Comparability

6. Concluding Remarks


On Search and Equilibrium Price Distributions

1. Introduction

2. The Model

3. Concluding Remarks


Part II International Trade and Development

The Long-Run Incidence of Government Policies in Open Growing Economies

1. Introduction

2. The Basic Model

3. Income Taxation

4. Numerical Examples

5. Conclusion


Further Evidence on the Relationship Between International Reserves and World Inflation

1. Introduction

2. The Data

3. Reserve Changes and the Monetary Base

4. The Monetary Base and the Money Stock

5. The Relationship Between Money and Prices

6. Regression Path Analysis

7. The Industrial and the Developing Countries Considered Separately

8. Conclusions


Commodity Reserve Money, Special Drawing Rights, and the Link to Less-Developed Countries

1. Introduction

2. A Commodity-Reserve Currency?

3. International Fiat Money and Special Drawing Rights

4. The Seigniorage Problem and the Link to Less-Developed Countries


Part III Macroeconomics

Equilibrium Theory and Growth Theory

1. Introduction

2. The Main Characteristics of Equilibrium Theory

3. Why Equilibrium Theory Is Wrong

4. An Alternative Approach to Growth Theory


Dynamic Competition and Economic Stability

1. Introduction

2. The Phenomenon to Be Explained

3. Dynamic Competition

4. The Relationship Between Microbehavior and Macroperformance

5. Diversity and Stability


The Economics of Keynes

1. Introduction

2. Keynesian Growth Theory

3. The Short Run

4. Generalizing the General Theory: Full Employment in the World Economy

5. Conclusion


The Aggregate Supply Function in Keynes's General Theory

1. Introduction

2. The Meaning

3. The ASF against Employment

4. The 45° Average Supply Function (ASF-Y)


Money and the Money Wage Rate

1. Introduction

2. The Money Wage Rate as the Numéraire

3. Money and Sticky Prices

4. Sticky Money Wages



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© Academic Press 1979
Academic Press
eBook ISBN:

About the Editor

Michael J. Boskin

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