Loading...
The Effects of Consumer Bliss on Welfare Economics
Barnett, William A.
Barnett, William A.
Citations
Altmetric:
Abstract
This article explores the impact of consumer satiation on the functioning of a private ownership economy free from market imperfections. Kenneth Arrow has proved that consumer satiability has no effect on the Pareto optimality of competitive equilibria; his conclusion is disproved by counter-example and his error is isolated. Arrow's model is corrected and then related to a concept introduced by David Gale. Although the choice of the mainstream paradigm is dictated by Arrow's assumptions, the corrected model provides one basis for illustrating issues raised by radical as well as some liberal economists.
Description
This is the publisher's version, also available electronically from http://www.mesharpe.com/start.html
Date
1973-03-01
Journal Title
Journal ISSN
Volume Title
Publisher
ME Sharpe
Research Projects
Organizational Units
Journal Issue
Keywords
Citation
Barnett, WIlliam A. "The Effects of Bliss on Welfare Economics," Journal of Economic Issues, March 1973.