Efficiency, Equality and Public Policy - by Y Ng (Hardcover)

Book Synopsis

This book provides compelling arguments for the exclusive concern with efficiency ('a dollar is a dollar') in all specific areas of public economic policy, leaving the objective of equality to be achieved through the general tax/transfer system. Public policies should ultimately maximize the sum of individual welfares which should be individual happiness rather than preferences. Relative-income and environmental disruption effects cause a bias in favour of private spending which is no longer conducive to happiness socially. Welfare can be increased more by higher public spending on research and environmental protection, including the perfection of the techniques of brain stimulation to increase happiness.

About the Author

YEW-KWANG NG holds a personal chair in economics at Monash University and is a fellow of the Academy of Social Sciences in Australia. His main publications include Welfare Economics (1979), Mesoeconomics: A Micro-Macro Analysis (1986), Social Welfare and Economic Policy (1990), Specialization and Economic Organization (1993, with X.Yang), `Towards Welfare Biology', Biology and Philosophy (1995), and Increasing Returns and Economic Analysis (1998, with K.Arrow and X.Yang).