Abstract
Dr. McManus’s comments1 on our paper2 provide some valuable extensions to our original propositions, and his geometric treatment a useful alternative approach for those who prefer a technique of this kind. His chief point of criticism, that our ‘numeraire’ has not the degree of arbitrariness necessary for it to be so named, is well taken8 and our paper stands amended in that respect.
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© 1973 Economic Study Society
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Lancaster, K., Lipsey, R.G. (1973). McManus on Second Best. In: Farrell, M.J. (eds) Readings in Welfare Economics. Palgrave, London. https://doi.org/10.1007/978-1-349-15492-0_14
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DOI: https://doi.org/10.1007/978-1-349-15492-0_14
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