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Theoretical Progress in Public Economics: A Provocative Assessment

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  • Hammond, Peter J

Abstract

The following twelve issues are each briefly discussed: the blindness of the invisible hand to injustice; a misleading efficiency theorem; truthful revelation of feasibility constraints; delusions of first best; deadweight losses as sunk costs; markets as failures; the nth best as enemy of the good; intermonetary comparisons of gains and losses; few worthwhile changes are small; surplus economics; surplus econometrics; and unbalanced policies. Unbalanced policy changes should be evaluated by estimating the probabilities of different joint frequency distributions of welfare relevant attributes and welfare net gains for all individuals in the population, together with the budget deficit or surpluses. Copyright 1990 by Royal Economic Society.

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  • Hammond, Peter J, 1990. "Theoretical Progress in Public Economics: A Provocative Assessment," Oxford Economic Papers, Oxford University Press, vol. 42(1), pages 6-33, January.
    • Handle: RePEc:oup:oxecpp:v:42:y:1990:i:1:p:6-33
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    1. Dietz, Simon & Hepburn, Cameron, 2013. "Benefit–cost analysis of non-marginal climate and energy projects," Energy Economics, Elsevier, vol. 40(C), pages 61-71.
    2. Schlee, Edward E., 2013. "Radner’s cost–benefit analysis in the small: An equivalence result," Economics Letters, Elsevier, vol. 120(3), pages 570-572.
    3. Mongin, Philippe, 2019. "Interview of Peter J. Hammond," CRETA Online Discussion Paper Series 50, Centre for Research in Economic Theory and its Applications CRETA.
    4. Medin, Hege & Nyborg, Karine & Bateman, Ian, 2001. "The assumption of equal marginal utility of income: how much does it matter?," Ecological Economics, Elsevier, vol. 36(3), pages 397-411, March.
    5. Mirumachi, Naho & Torriti, Jacopo, 2012. "The use of public participation and economic appraisal for public involvement in large-scale hydropower projects: Case study of the Nam Theun 2 Hydropower Project," Energy Policy, Elsevier, vol. 47(C), pages 125-132.
    6. Gries, Thomas & Prior, Ulrich & Sureth, Caren, 2007. "Taxation of risky investment and paradoxical investor behavior," arqus Discussion Papers in Quantitative Tax Research 26, arqus - Arbeitskreis Quantitative Steuerlehre.
    7. Ruggero Paladini, 2014. "Da Bentham alla tassazione ottimale," Public Finance Research Papers 2, Istituto di Economia e Finanza, DSGE, Sapienza University of Rome.
    8. W D A Bryant, 2009. "General Equilibrium:Theory and Evidence," World Scientific Books, World Scientific Publishing Co. Pte. Ltd., number 6875, October.
    9. Sureth, Caren & Voß, Armin, 2005. "Investitionsbereitschaft und zeitliche Indifferenz bei Realinvestitionen unter Unsicherheit und Steuern," arqus Discussion Papers in Quantitative Tax Research 2, arqus - Arbeitskreis Quantitative Steuerlehre.
    10. Yuxin Du, 2011. "A Bibliometrics Portrait of Chinese Research through the Lens of China Economic Review. A research proposal," Economics and Management Research Projects: An International Journal, Open Access International Journals, vol. 1(1), pages 79-91, December.
    11. Pierre Pestieau, 1994. "The current state and future directions of public finance," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 1(2), pages 169-174, October.
    12. Wilfried Pauwels, 1993. "The implicit welfare weights used when maximizing aggregate surplus," Journal of Economics, Springer, vol. 57(3), pages 261-277, October.
    13. Forder, Julien, 1997. "Contracts and purchaser-provider relationships in community care," Journal of Health Economics, Elsevier, vol. 16(5), pages 517-542, October.
    14. Knut Røed & Steinar Strøm, 2002. "Progressive Taxes and the Labour Market: Is the Trade–off Between Equality and Efficiency Inevitable?," Journal of Economic Surveys, Wiley Blackwell, vol. 16(1), pages 77-110, February.
    15. Boadway, Robin, 1999. "Le rôle de la théorie de l’optimum du second rang en économie publique," L'Actualité Economique, Société Canadienne de Science Economique, vol. 75(1), pages 29-65, mars-juin.
    16. Schlee, Edward E. & Ali Khan, M., 2023. "Money-metrics in local welfare analysis: Pareto improvements and equity considerations," Journal of Economic Theory, Elsevier, vol. 213(C).
    17. Steinar Strøm & Elin Wiig, 1995. "Attacks on the Welfare State," Nordic Journal of Political Economy, Nordic Journal of Political Economy, vol. 22, pages 163-172.
    18. Paul Oslington, 2012. "General Equilibrium: Theory and Evidence," The Economic Record, The Economic Society of Australia, vol. 88(282), pages 446-448, September.
    19. Rolf Aaberge & Ugo Colombino, 1998. "Social Evaluation of Individual Welfare Effects from Income Taxation Empirical Evidence Based on Italian Data for Married Couples," Discussion Papers 230, Statistics Norway, Research Department.
    20. Steven G. Medema, 2020. "The Coase Theorem at Sixty," Journal of Economic Literature, American Economic Association, vol. 58(4), pages 1045-1128, December.
    21. Eduardo Zambrano & Patrick Holder, 2018. "Public Economies and the Endogenous Choice of Institutions," Homo Oeconomicus: Journal of Behavioral and Institutional Economics, Springer, vol. 35(3), pages 185-206, September.

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