Ubiquitous tool for welfare measurement

Assignment Help Business Economics
Reference no: EM13838226

I think people would agree that the one most ubiquitous tool for welfare measurement in the economic literature and in economic education is the notion of total surplus.

Throughout it's history, total surplus has been criticized several times and on different ground. This post aims at being a repository of all those critiques.

Which are the critiques of total surplus which seem the most relevant to you?

Note: this is not meant to be a "total surplus bashing" repository. I believe some of the best critique of a concept like total surplus is rarely the one attempting to destroy the concept, and more often those which help us understand when it is best to use it, and when it might be better not to use it.

Reference no: EM13838226

Questions Cloud

Employment fluctuates less over the business cycle : There is the long debate on the Frisch-Elasticity being the driver of unemployment over the business cycle. Women have a bigger elasticity than men, yet their employment fluctuates less over the business cycle.
Which set of mixed numbers had a difference less than 1 : Which set of mixed numbers had a difference less than 1
Explore the higher net present value of education : Are there any studies that explore the higher net present value (NPV) of education in countries with higher Gini coefficients? Additionally, do any of these studies include the impacts of economic mobility as a reducing factor of the NPV or price of ..
Quality of healthcare for us citizens in cost-effective way : What steps need to be taken to ensure access to and the quality of healthcare for all U.S. citizens in a cost-effective way? This assignment should be 2-3 pages in length
Ubiquitous tool for welfare measurement : I think people would agree that the one most ubiquitous tool for welfare measurement in the economic literature and in economic education is the notion of total surplus. Throughout it's history, total surplus has been criticized several times and on ..
Lifecycle models base on assumption that households : Lifecycle models base on the assumption that households want to maximize their consumption and at the same time insure themselves against income shocks. Are there other arguments that can reconcile the empirical observation of consumption dispersion ..
Write an essay on the management issue : Write an essay on the management issue.
Impact of the affordable care act on businesses : The implementation of the Act has gotten off to a rough start. Locate and summarize an article about the impact of the Affordable Care Act on businesses or employee health insurance
Kind of bias discussed in literature randomized experiments : Suppose you are running a randomized experiment to assess the effect of X, say some training program for unemployed people, on Y, say the chance of finding a job in the coming year. Suppose also that X takes time: maybe it lasts for several months. I..

Reviews

Write a Review

 

Business Economics Questions & Answers

  Q1 suppose that the terms of trade of a nation improved

q1. suppose that the terms of trade of a nation improved from 100 to 110 over a given period of time.a by how much did

  Data-driven decision-making is about

Data-driven decision-making is about ____________.

  What is its demand for loanable funds

A country has national saving of $80 billion, government expenditures of $40 billion, domestic investment of $60 billion, and net capital outflow of $20 billion. What is its demand for loanable funds?

  Same interest rate

A sum of money Q will be received 6 years from now. At 5% annual interest, the present worth of Q is $60. At the same interest rate, what would be the value of Q in 10 years?

  Consider an income guarantee program

Consider an income guarantee program with an income guarantee of $6,000 and a benefit reduction rate of 50%.

  Explain how the fall in the average weekly wage

when the state cuts its rate by 4 cents an hour. Explain how the fall in the average weekly wage and the minimum wage will influence aggregate supply.

  Government budget is balanced with government purchases

The government budget is balanced, with government purchases and taxes both fixed at $1,000. Net exports are $100.

  Two big questions of economics and the economic way

Use the two big questions of economics and the economic way of thinking to answer the following questions about the economic life of a homeless man.

  Which policy would domestic consumers prefer and why

Explain why domestic producers who supply a good that competes with imports would prefer an import-substitution approach to trade rather than an export promotion approach. Which policy would domestic consumers prefer and why.

  Demand curve happens to be price inelastic

Why do you think that whenever the government wants to increase their revenue they usually decide to increase the tax on items such as gas, tobacco products and/or alcohol? Why is it unlikely that a firm would sell at a price where its demand curve h..

  What event is altering productivity or costs

Find an article about an event that would cause productivity and costs to change within a single market. What event is altering productivity or costs? Did the event occur in the past, is presently occurring, or may occur in the future?

  Explain events on the interest rate in the loanable funds

Explain the effect of the following events on the interest rate in the loanable funds market. Demonstrate you answer graphically. tax revenue is lower than expected and people expect cities to default on municipal bonds. They sell thier bonds and..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd