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SOCIAL GAIN, WELFARE, POLITICAL ECONOMY AND A' THAT
Author(s) -
Kelso Maurice M.
Publication year - 1966
Publication title -
australian journal of agricultural economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.683
H-Index - 49
eISSN - 1467-8489
pISSN - 0004-9395
DOI - 10.1111/j.1467-8489.1966.tb00604.x
Subject(s) - economic rent , economics , welfare , social welfare function , investment (military) , revenue , social welfare , microeconomics , value (mathematics) , function (biology) , public economics , politics , set (abstract data type) , market economy , finance , programming language , machine learning , evolutionary biology , political science , computer science , law , biology
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.