Externality and InstitutionsOxford University Press, 1998 - 304 Seiten Pollution, higher traffic noise, or a poisoned river are all examples of externalities--costs (or benefits) which are imposed by an action but which are not built in to the price of that action. One of the problems of economic theory is whether, when analysing the desirability of a new road, for example, the costs that occur as externalities can be fully incorporated into the price of that road. Dr Andreas Papandreou has provided a book which fully explains and analyses the ideas ying behind the theory of externalities. Papandreou has made a survey of the various methodological approaches taken by economists to the issue of eternalities, and the failure of some markets to reconcile individual and social costs and benefits. He tackles the difficult issue of defining or characterizing externalities, surveys the current literature, and investigates the effect that externality theory has had on major economic issues. His major theme is an exploration of institutional inefficiency and the implications of ncorporating organizational costs into economic models. Written in a non-technical style, this book is suitable not only for those economists who make a study of externalities, but for those who need to understand the theory for their own fields of research, and for postgraduate students. |
Inhalt
Evaluating Institutional Change | 195 |
WealthMaximization | 228 |
Transaction Costs Efficiency and Counterfactuals | 252 |
Conclusion | 276 |
283 | |
293 | |
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Häufige Begriffe und Wortgruppen
absolute market failure action activity Agatha agents alternative argue Arrow Arrow-Debreu model associated attained Bator Baumol and Oates behavioural model benefits Buchanan cause of market characterizations of externality Coase Coase Theorem concept consequentialist constraints convex curve decisions defined definition Demsetz determined discussion economists effects effi endogenous enforcement entitlements evolve existence external economies firm fish gains general-equilibrium given imply increasing returns individuals inefficiency input institution formation institutional economists internal labour legal rules Lindahl markets marginal maximize microeconomic missing markets nality non-convexity non-existence of markets notion of externality notion of market optimal organizational costs outcome output ownership Pareto-efficient Pareto-optimal pecuniary externalities Pigouvian taxes pollution potential private-property rights problem production functions property rights rational resource allocation returns to scale senses of externality social Starrett structure theory tion transaction costs treated Umbeck underlying unit of account wealth wealth-maximization welfare economics