Abstract
Welfare economics is a very important branch of economic theory. It serves as a foundation to many applied (relatively speaking) branches of economics such as public finance, cost-benefit analysis, and the economics of government policy in many areas including international trade, industry and welfare (social security, etc.). Recently, even macro-economics is beginning to assume a microeconomic foundation and become subject to a welfare-theoretic analysis (e.g. Phelps, 1970, 1972). The increasing importance of welfare economics admits of scarcely any doubt.
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© 1979 Yew-Kwang Ng
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Yew-Kwang, N. (1979). Introduction. In: Welfare Economics. Palgrave, London. https://doi.org/10.1007/978-1-349-16223-9_1
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DOI: https://doi.org/10.1007/978-1-349-16223-9_1
Publisher Name: Palgrave, London
Print ISBN: 978-0-333-24296-4
Online ISBN: 978-1-349-16223-9
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