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    Quiet Revolution in Welfare Economics
    Unavailable
    Quiet Revolution in Welfare Economics
    Unavailable
    Quiet Revolution in Welfare Economics
    Ebook450 pages10 hours

    Quiet Revolution in Welfare Economics

    By Michael Albert and Robin Hahnel

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    Currently unavailable

    Currently unavailable

    About this ebook

    This ambitious work presents a critique of traditional welfare theory and proposes a new approach to it. Radical economists Robin Hahnel and Michael Albert argue that an improved theory of social welfare can consolidate and extend recent advances in microeconomic theory, and generate exciting new results as well. The authors show that once the traditional "welfare paradigm" is appropriately modified, a revitalized welfare theory can clarify the relationship between individual and social rationalitya task that continues to be of interest to mainstream and nonmainstream economists alike. Hahnel and Albert show how recent work in the theory of the labor process, externalities, public goods, and endogenous preferences can advance research in welfare theory. In a series of important theorems, the authors extend the concept of Pareto optimality to dynamic contexts with changing preferences and thus highlight the importance of institutional bias. This discussion provides the basis for further analysis of the properties and consequences of private and public enterprise and of markets and central planning. Not surprisingly, Hahnel and Albert reach a number of conclusions at odds with conventional wisdom.

    Originally published in 1990.

    The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.

    LanguageEnglish
    PublisherPrinceton University Press
    Release dateMar 14, 2017
    ISBN9781400887057
    Unavailable
    Quiet Revolution in Welfare Economics
    Author

    Michael Albert

    Michael Albert helped found and establish South End Press and Z Magazine, among other institutions. A long-time activist, he now maintains Z's internationally acclaimed web site Znet (www.zmag.org). He has written numerous books and countless articles dealing with, among other topics, economics, vision, social change, strategy, globalization, and war and peace.

    Read more from Michael Albert

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