Welfare economics and externalities in an open ended universe: a modern Austrian perspective
Along with the renewed interest in the Austrian school of economics over the last two decades, important advances have been made in applying its princples to concrete issues that typically face market economics. However, very little has been done in the area of externalities and the concept of social efficiency. The overarching purpose of this book is to establish a sound theoretical basis for further empirical and public policy analysis in the area of externalities. In order to do this, a general theory of welfare economics is required. The author offers an alternative to the conventional neoclassical welfare paradigm -- his construct does not include perfect competition or general equilibrium. After the author develops his theory of welfare economics, he interprets externalities in light of the theory and discusses policy remedies and directions for further research.
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The Genealogy of the Austrian Position
Externalities and Modern Austrian Theories
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activities alternative approach appropriate argued arise assessment Austrian economics Austrian economists Austrian perspective Austrian school Bohm-Bawerk catallactic efficiency catallaxy chapter clearly defined Coase Coase theorem Coase's Coasean concept conclusions conflicts consistent context costs and benefits discoordination discussed disequilibrium economic analysis efficiency problem entrepreneur equilibrium exchange exist external benefits external effects externalities analysis externality problems framework free rider problems Furthermore goals Hayek implications individual inefficient institutional setting invoked Israel Kirzner issue judge Kirzner knowledge problem law and economics market participants market process Menger Mises and Rothbard modern Austrian negative externalities normative economic O'Driscoll and Rizzo output Pareto optimal PCGE perfectly competitive perspective of catallactic plan coordination pollution positive externalities price system production public policy question relevant respect result social costs social efficiency social welfare solution strict liability theory of catallactic tort law transaction costs type 2 externality typically welfare economics welfare standard Wieser