SOCIAL GAIN, WELFARE, POLITICAL ECONOMY AND A' THAT

Maurice M. Kelso

Australian Journal of Agricultural Economics, 1966, vol. 10, issue 1, 12

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.

Keywords: Political; Economy (search for similar items in EconPapers)
Date: 1966
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Persistent link: https://EconPapers.repec.org/RePEc:ags:ajaeau:22669

DOI: 10.22004/ag.econ.22669

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