Studies in Positive and Normative Economics
'When as a graduate student I first met papers by Martin J. Bailey, I was immediately struck by how clear and accessible they were compared to many other papers on our reading lists. I very quickly learned that they were not only clear; they contained deep and important insights into the questions they addressed. Since that time, I have always read every paper by Martin Bailey in areas where I was working; and also if by chance I met a paper of his I have never failed to read it. on every occasion I learned a great deal, and as a result of Professor Bailey's fine exposition, derived great pleasure while doing so. This volume of papers could not be more welcome.' - Geoffrey Wood, City University Business School, London, UK Martin J. Bailey's significant contributions to the development of economic thought are represented in this important new collection of key articles published between 1954 and 1991. In particular, it emphasises his influence upon current theories of social choice, inflation and fiscal policy. This book brings together in one volume some of the many contributions he has made to specialist journals, thus demonstrating the breadth of his thinking and his place amongst the leading economists of the twentieth century. Despite its breadth, Professor Bailey's work has made a significant impact within public economics and Studies in Positive and Normative Economics will provoke a coherent and informed assessment of his thinking. Professor Bailey has written a fresh introduction to the book which reviews his contribution in relation to subsequent developments.
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The Interpretation and Application of the Compensation
The Possibility of Rational Social Choice in an Economy
11 other sections not shown
alternative amount analysis Arrow assets assumed assumption Bailey bracket capital gains capital stock cent compensation principle condition constant consumer consumption countries current income demand curve diminishing marginal utility emission rights equal equation equilibrium estimate exchange rate exchange-rate volatility expected exports Figure finance future given growth higher horizon household hyperinflation implies income tax increase indifference curve individual orderings inflation interest rate intertemporal choice investment JOURNAL OF POLITICAL measure ment Milton Friedman optimal pair Pareto Pareto optimality percent period POLITICAL ECONOMY pollution positive time preference possible price index problem rate of inflation rate of interest rate of return ratio real cash balances real income regression Ricardian equivalence rise saving curve shift slope social choice social welfare function sumption suppose taxpayers theorem tion trade utility function variables vector Vickrey auction wealth effects wealth position welfare cost zero