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Social Gain, Welfare, Political Economy And A' That

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  • Kelso, Maurice M.

Abstract

The economic criterion of public investment choice is aggregate consumers' surpluses and producers' rents generated by the investment. Its analytical model is a social revenue function and a social cost function. It is a welfare criterion only so far as efficiency is a welfare component and then subject to severe limitations. It is argued here that the economist's conclusions rest in part on a set of value preferences; therefore, the test of their rightness is in part their acceptability to the public choice-maker.

Suggested Citation

  • Kelso, Maurice M., 1966. "Social Gain, Welfare, Political Economy And A' That," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 10(1), pages 1-12, June.
    • Handle: RePEc:ags:ajaeau:22669
    DOI: 10.22004/ag.econ.22669
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    Cited by:

    1. Sinden, Jack A., 1980. "Pangloss, Pandora and Pareto for the Aspiring Benefit-Cost Analyst," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 48(02), pages 1-11, August.

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    Keywords

    Political Economy;

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