Social Welfare and Economic Policy

Author: Huang Youguang
Publisher:
Publish Date: 2005-05-01
Features: This book collects the main articles of Professor Huang Youguang on the theoretical research of welfare economics and public policy. The main viewpoints include: The social welfare function must be based on the cardinal utility or welfare of individuals and should be the sum of everyone's welfare without weights. Considering information and administrative costs, the third-best policy is close to the best policy, and if information is scarce, the best rule applies. On individual issues, efficiency should be prioritized, and the goal of equality should be achieved through overall equalizing policies. The relative income effect makes the optimal scale of public goods spending larger than what traditional formulas would suggest.