By I. M. D. Little
First released in 1950, this e-book was once involved in the exposition, feedback, and appreciation of the idea of financial welfare because it were built to that date. Now reissued, Little has extra a brand new retrospective preface within which he assesses the contribution the publication made within the mild of next literature within the quarter.
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Extra info for A Critique of Welfare Economics
On the other hand, if kinked curves are permitted (and it is plausible to argue that such will be a common 1 If we assume that all prices, except that of x, are constant, then we can put money income instead of y on the vertical axis. The line AB then depicts the position of a consumer with a given income faced with a given price of x. Lines such as AB will be called 'budget lines'. 2 'Support' is the correct technical word, 'touch' strictly referring to a condition of tangency. 26 THE A N A L Y S I S OF C O N S U M E R S ' BEHAVIOUR case),1 many of the theorems of welfare economics still stand in a slightly modified form.
In other words, it is assumed that indifference is a transitive relation. This means that if a person is indifferent between A and B, and between B and C, then he must be indifferent between A and C. 1 Now give the consumer a little more Y. This brings him to a new point Z, which, let us say, represents jX and 8 Y whereas A represented yX and jY. Z must be preferred to A. But, one may ask, is it not possible that jX and jY should give a man more satisfaction than jX and 8F? The answer is 'No', because X and Y are goods.
But it is certainly quite possible for someone to be 'on a higher behaviour line', and be less satisfied. In other words, it does not follow logically from the meaning of behaviour lines that anyone who can be said to be 'on a higher behaviour line' must also be said to have more satisfaction—all that follows is that he is in a chosen position. This conclusion may not sound very novel. Indeed, many people have probably thought that the indifference-curve analysis was about choices, and not about satisfactions.
A Critique of Welfare Economics by I. M. D. Little