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Efficiency and Equity in Welfare Economics

PierCarlo Nicola (Autor)

Buch | Softcover

XII, 156 Seiten

2012 | 2013
Springer Berlin (Verlag)
978-3-642-30070-7 (ISBN)

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Increasing efficiency in generating national income and improving equity in its distribution among economic agents is at the forefront of priorities of most modern economies. This book presents a model which aims to maximize a symmetrical welfare function under certain constraints which consider both efficiency and equity, i.e. taxes and subsidies, implemented by a public authority. The model is numerically implemented and considers a set of economic agents with starting incomes that satisfy Pareto income law under various values of the alpha parameter. Also, the model implementations respect the social production function. Various experiments are presented which show how income inequality (measured by means of the Lorenz curve and, what I call, the Lorenz-Gini inequality index) and measures of poverty are sensibly reduced by redistributing national income without lowering efficiency in production. A case study, or application, of Italian personal income in 2008 is also presented.

PierCarlo Nicola was Professor of Mathematical Economics at the University of Milan, 1975-2009. Academician, Accademia Nazionale dei Lincei (Rome), since 2009 and Member of Istituto Lombardo, Accademia di Scienze e Lettere, Milan, since 1996.

Overview.- Inequality, Poverty, and Welfare: Social Welfare and Income Distributions.- Inequality and Poverty Indexes.- Welfare and Efficiency: Inequality, Efficiency, and the Production Sphere.- Efficiency and Welfare.- Information Incentives and Performance.- Summary Example and Numerical Simulations: A Summary Example.- Implementing the Example: One Time Period.- Dynamics: Many Time Periods.- Final Remarks.- Appendix: Implementing 2008 Income Data for Italy.

Erscheint lt. Verlag	16.10.2012
Reihe/Serie	Lecture Notes in Economics and Mathematical Systems
Zusatzinfo	XII, 156 p. 5 illus.
Verlagsort	Berlin
Sprache	englisch
Maße	155 x 235 mm
Gewicht	270 g
Themenwelt	Sozialwissenschaften ► Politik / Verwaltung ► Staat / Verwaltung
	Wirtschaft ► Allgemeines / Lexika
	Wirtschaft ► Volkswirtschaftslehre ► Mikroökonomie
	Wirtschaft ► Volkswirtschaftslehre ► Wirtschaftspolitik
Schlagworte	Efficiency • Equity • Inequality • Poverty • Welfare Economics
ISBN-10	3-642-30070-7 / 3642300707
ISBN-13	978-3-642-30070-7 / 9783642300707
Zustand	Neuware