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Extending Economic Analysis to Analyze Policy Issues More Broadly

Author

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  • Yew-Kwang NG

    (Division of Economics, Nanyang Technological University, 14 Nanyang Drive, Singapore 637332.)

Abstract

Extending traditional economic policy analysis to include factors emphasized by other social scientists and philosophers, more social and public policy issues may be analyzed more adequately. For example, should the market expand beyond its traditional confines of goods and services? Should more immigration be allowed? Wider effects like social harmony, repugnance and morality should also be considered. Though the extended analysis does not provide a definite general answer, in combination with the first theorem of welfare economics and the principle of treating a dollar as a dollar in specific issues, it provides some general propositions that guide the analysis of relevant costs and benefits of specific policy changes beyond narrow economic efficiency.

Suggested Citation

  • Yew-Kwang NG, 2016. "Extending Economic Analysis to Analyze Policy Issues More Broadly," Economic Growth Centre Working Paper Series 1609, Nanyang Technological University, School of Social Sciences, Economic Growth Centre.
    • Handle: RePEc:nan:wpaper:1609
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    File URL: http://www3.ntu.edu.sg/hss2/egc/wp/2016/2016-09.pdf
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    References listed on IDEAS

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    More about this item

    Keywords

    Economic analysis; public policy; political economy; economics imperialism; markets; morals.;
    All these keywords.

    JEL classification:

    • H0 - Public Economics - - General
    • D6 - Microeconomics - - Welfare Economics
    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines

    NEP fields

    This paper has been announced in the following NEP Reports:

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