Welfare Economics and Externalities in an Open-Ended Universe: A Modern Austrian Perspective

Overview

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...

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Overview

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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Product Details

  • ISBN-13: 9780792392460
  • Publisher: Springer Dordrecht
  • Publication date: 7/28/1992
  • Format: Library Binding
  • Pages: 160

Table of Contents

Foreword
Preface
Acknowledgements
Introduction 1
Neoclassical Externalities Theory 2
The Austrian Critique 4
Outline and Organizational Framework 10
Ch. 1 The Genealogy of the Austrian Position 15
Mises and Rothbard on Externalities 16
Hayek on External Benefits and "Collective Goods" 23
Externalities Analysis and the Early Austrians 27
Conclusion 35
Ch. 2 Externalities and Modern Austrian Theories of Economic Welfare: Problems and Promises 39
Rothbard's Criteria of Demonstrated Preference 40
Kirzner: Efficiency As Plan Coordination 45
Ch. 3 Catallactic Efficiency: Welfare Economics In An Open Ended World 57
Catallaxy and Economy 57
Catallactic Efficiency 58
Ideal Institutional Setting vs. Ideal Market Outcomes 64
The Meaning and Causes of Inefficiency 68
Conclusion: Catallactic Efficiency, Kirzner's Coordination Standard and Entrepreneurship 70
Ch. 4 Catallactic Efficiency and Externalities 73
Externalities and Social Efficiency 74
Kirzner's IIS: The Thread That Binds 86
Ch. 5 Application: The Economics of Tort Liability 91
Coase and Modern Law and Economics 92
Subjective Value, Information, and Time: The Austrian Critique 95
Catallactic Efficiency and the Economics of Tort Law 99
Conclusion: Problems and Considerations For Further Analysis 105
Conclusion 111
Unresolved Issues 113
Final Remarks 116
References 119
Index 129
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