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Mark Blaug

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Mark Blaug

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Mark Blaug

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Mark Blaug

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Is there really progress in economics?

Knowledge, Truth and the History of Economic Thought

Mark Blaug

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Mark Blaug

Starting from the observation that the arts are subsidized to some extent in every country, the author observes that the standard tools of welfare economics do not readily provide convincing arguments for that policy. The chapter discusses Pareto optimality and shows that it has no practical relevance in a world of second best. Pigovian welfare economics, however does, as it makes the case for dealing with market failure through subsidy. Other developments are also considered, such as Sen’s capability approach to welfare analysis.

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Edited by Mark Blaug and Peter Lloyd

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Mark Blaug and Peter Lloyd

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Edited by Mark Blaug and Peter Lloyd