By I. M. D. Little
First released in 1950, this ebook used to be fascinated about the exposition, feedback, and appreciation of the idea of monetary welfare because it were built to that date. Now reissued, Little has additional a brand new retrospective preface within which he assesses the contribution the booklet made within the mild of next literature within the region.
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Additional resources for A Critique of Welfare Economics
They have no reference to anything out-side the system. Every sentence in which such words, or concepts, occur is either an axiom or postulate of the system, or a deduction from the axioms. Such a system is applied by interpreting the concepts, that is by taking them to refer to, or denote, something outside the system. For instance, pure geometry is not about space, or about anything at all. It is only about space when its concepts, for instance 'point' and 'line', are taken to refer to real points, such as pin-pricks on paper, and real lines drawn on paper.
The slope of AB measures the relative prices of X and Y. But what does the slope of the indifference curve measure ? It measures the rate at which X can be substituted for y while remaining at the same level of satisfaction. Therefore the condition for maximizing satisfaction is that the price-ratio of any two goods should be equal to the rate at which the consumer can substitute one for the other without gaining or losing satisfac1 It is impossible to deduce that indifference curves are anywhere convex to the origin merely from the definition of equilibrium.
Has a kink in it as in Fig. Ill, it is evident that a number of different price-income, or budget, lines1 can touch2 it at the same point. If the 'optimum' conditions are to be deduced as necessary conditions for an 'optimum', then this case must be ruled out. On the other hand, if kinked curves are permitted (and it is plausible to argue that such will be a common 1 If we assume that all prices, except that of x, are constant, then we can put money income instead of y on the vertical axis. The line AB then depicts the position of a consumer with a given income faced with a given price of x.
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