Reference-price-independent welfare prescriptions

Article Abstract:

Social welfare impact of variations in price and income are usually determined through equivalent incomes that are computed using a reference price vector. An aggregator with equivalent incomes as arguments rather than social welfare function is also used. The implications of reference price vector choice on the determination ofsocial welfare impact is investigated to differentiate individualized prices from individuals having a similiar price vector. Preferences and aggregators which result in reference-price-independent welfare prescriptions are described.

Analysis, Prices, Income distribution

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Can waste improve welfare?

Article Abstract:

A new study investigates whether it is possible, in theory, for taxes to have a beneficial effect on welfare and growth.

Economic development

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Endogenous authoritarian property rights

Article Abstract:

A new study analyses the interaction between taxation and the property rights enforcement of a proprietary state.

Right of property, Property rights

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