9780262100632-0262100630-Welfare, Vol. 2: Measuring Social Welfare

Welfare, Vol. 2: Measuring Social Welfare

ISBN-13: 9780262100632
ISBN-10: 0262100630
Author: Jorgenson, Dale W.
Publication date: 1997
Publisher: The MIT Press
Format: Hardcover 462 pages
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Book details

ISBN-13: 9780262100632
ISBN-10: 0262100630
Author: Jorgenson, Dale W.
Publication date: 1997
Publisher: The MIT Press
Format: Hardcover 462 pages

Summary

Acknowledged authors Jorgenson, Dale W. wrote Welfare, Vol. 2: Measuring Social Welfare comprising 462 pages back in 1997. Textbook and eTextbook are published under ISBN 0262100630 and 9780262100632. Since then Welfare, Vol. 2: Measuring Social Welfare textbook was available to sell back to BooksRun online for the top buyback price or rent at the marketplace.

Description

This volume presents an approach to the evaluation of economic policies through the econometric modeling of aggregate consumer behavior. While the preferences of individual consumers are revealed by their market choices, these preferences can be recovered only by econometric methods, not through the index numbers used in the official statistics. The richer and more robust methodology presented in this volume provides a fruitful point of departure for future policy evaluations.The econometric approach replaces ordinal measures of individual welfare that cannot be compared among individuals with cardinal measures that can. These are combined into an indicator of social welfare that reflects principles of horizontal and vertical equity. This approach unifies the measurement of poverty, inequality, and cost and standard of living. It extends the scope of normative economics to a broader range of issues in the evaluation of economic and social policies.
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