By I. M. D. Little
First released in 1950, this ebook used to be eager about the exposition, feedback, and appreciation of the idea of financial welfare because it were built to that date. Now reissued, Little has further a brand new retrospective preface within which he assesses the contribution the ebook made within the mild of next literature within the sector.
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Extra info for A Critique of Welfare Economics
Our system is evidently contradictory, and therefore indifference curves must not cut. But suppose wre find, when they are drawn up for some 1 This account of how an indifference curve is to be determined follows the usual textbook exposition. A clear statement of the orthodox view is given by R. G. D. Allen, Mathematical Analysis for Economists, p. 124, where he states: 'The basic assumption now is that the consumer distributes his expenditure on the two goods according to a definite "scale of preferences".
A clear statement of the orthodox view is given by R. G. D. Allen, Mathematical Analysis for Economists, p. 124, where he states: 'The basic assumption now is that the consumer distributes his expenditure on the two goods according to a definite "scale of preferences". ' In this context 'preferable' and 'indifferent' cannot be supposed to be meant as uhinterpreted symbols, and 'preferable' can thus only mean 'more satisfactory', and 'indifferent' mean 'equally satisfactory'. For this reason I have used the word 'satisfaction' more freely than most authors care to do in this context.
Such a system is applied by interpreting the concepts, that is by taking them to refer to, or denote, something outside the system. For instance, pure geometry is not about space, or about anything at all. It is only about space when its concepts, for instance 'point' and 'line', are taken to refer to real points, such as pin-pricks on paper, and real lines drawn on paper. A logical system can, of course, be perfectly valid (that is, the theories follow from the axioms) even although it has no application to the real world.