Measuring Economic Welfare New Methods
Measuring Economic Welfare New Methods by George W. McKenzie, published by Cambridge University Press on March 10, 1983, is a comprehensive examination of innovative methods for evaluating economic projects and policies. This 187-page book presents a structured approach that includes operational procedures, illustrated with simple examples, to facilitate understanding. McKenzie critiques traditional measures of economic welfare, such as index numbers and consumer surplus, and proposes a shift towards the ‘money-metric’ measure as a more effective tool in applied welfare economics.
In this edition, readers will find a detailed exposition of fundamental ideas alongside alternative approaches to economic evaluation. The book includes an outline of a computer program that allows readers to perform their own calculations, enhancing the practical application of the concepts discussed. By focusing on the limitations of conventional methods and advocating for a new framework, McKenzie provides valuable insights for those interested in business, economics, and economic history.
Official synopsis Publisher
Professor McKenzie proposes and formulates a method composed of operational procedures designed to facilitate the evaluation of economic projects and policies. This method is discussed fully, illustrated by simple examples, and compared with alternative procedures. An outline of a computer program that enables readers to undertake their own calculations is included. In order to present the approach clearly, the author provides an exposition of the fundamental ideas and the main alternative approaches to the problem. These rely on various forms of index numbers and consumer surplus. However, as is well known, such measures are not capable of correctly ordering the various alternatives under consideration, except under highly unrealist assumptions. In this book the author suggests the abandonment of this traditional approach based on the concept of ‘willingness-to-pay’ or the conpensating variation. Instead, the measure that Samuelson has called the ‘money-metric’ should become the cornerstone of applied welfare economics.
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