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Welfare Economics

TOPIC 1. AN INTRODUCTION TO WELFARE ECONOMICS

Lecture slides, notes & topic handouts for this module are available from:

http://www.staff.city.ac.uk/n.j.devlin

Note: the ‘numbering' of each point on the following slides is different to that on the ‘notes' for topic 1, as the slides are a somewhat condensed version.

1. Scarcity

2. POSITIVE ECONOMICS CF. NORMATIVE ECONOMICS

3. WELFARE ECONOMICS (& THE ECONOMIC EVALUATION OF HEALTH CARE PROGRAMMES) IS CONCERNED WITH OBTAINING A SOCIAL ORDERING (RANKING) OF DIFFERENT SOCIAL STATES (ALLOCATIONS OF RESOURCES).

• COMPLETE
• TRANSITIVE (A > B > C, THEN A > C)

â†' INVOLVES MAKING VALUE JUDGEMENTS
â†' NO OBJECTIVE OR UNIQUE WAY OF RANKING
â†' WELFARE ECONOMICS IS BASED ON A CERTAIN SET OF VALUE JUDGEMENTS.

4. WELFARE ECONOMICS IS BASED ON THE CONCEPT OF ECONOMIC EFFICIENCY

TWO MAIN VALUE JUDGEMENTS ARE INVOLVED:

• INDIVIDUALISM: SOCIAL......

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Approximate Pages: 4 (250 words per double-spaced page)

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