MEDICAL CARE AT PUBLIC EXPENSE: A STUDY IN APPLIED WELFARE ECONOMICS

Well-Being in Applied Welfare Economics

This article investigates the properties, good and bad, of social evaluations based on four money measures of well-being or changes in well-being: compensating variations, money metrics, extended money metrics, and welfare ratios. Consistency of social rankings (transitivity, asymmetry of preference), the possibility of incorporating inequality aversion, independence of the choice of reference ...

Welfare Economics and Public Finance

This contribution deals firstly with the differences between market action and government action, and then explores the justification for government intervention based on concepts of economic efficiency and equity. The chapter then proceeds to discuss individual cases in which unregulated private market outcomes are generally considered to violate this criterion.

Welfare Economics and Public Choice

Welfare economics provides the basis for judging the achievements of markets and policy makers in allocating resources. Its most powerful conceptual tool is the utility possibility frontier. This defines the set of utility allocations that can be achieved in a society subject to the constraints of tastes and technologies. Any allocation on the frontier cannot be Pareto dominated and hence would...

Uncertainty and the welfare economics of medical care. 1963.

The economics of public health and medical care. 1932.

I t is eminently fitting that a meeting devoted to the economics of public health and medical care should be held under the auspices of the Milbank Memorial Fund. Many of America’s great foundations have demonstrated a keen and unwavering interest in medical problems of one sort or another. But few of them, I believe, have been any more interested in the health of the people and particularly in...