Search Results for merit goods

... with liberal values associated with the public sphere since the eighteenth century. Musgrave’s conceptualization of public expenditures represents one episode of this continuing tension. His defense of merit goods, in particular, was rejected by many American economists in the 1960s because it was perceived...

... Henry Cunynghame addressed the consequences that an increase in the supply of goods might have for individual utility when this includes external effects such as a desire for display and distinction. Such interdependencies in consumption were also taken very seriously by A. C. Pigou who, in successive...

... producers (e.g., tourism) and consumers (especially future generations). There may be a failure in investment in taste. Art may also be seen as a “merit good”—people may agree that artistic activity should go on even if they derive no individual utility from it. Benefits underproduced by the market...

..., acknowledged the ex- istence, in theory, of a category that they call “merit goods,” meaning goods that are socially desirable in themselves for reasons other than their capacity to satisfy individual human wants; in principle their so- cial merit alone justifies public support for their production...

... that the government decide on some other grounds that the arts ought to be provided at levels above that de- termined by the market. In the existing economic literature on the creation and expansion of the NEA, these other grounds tend toward merit good explanations. In their 1993 textbook, The Economics...

... . “On the Definition of Public Goods: Assessing Richard A. Musgrave's Contribution.” CES Working Papers, no. 2014.04 . ———. 2016 . “A Genealogy of the Concept of Merit Wants.” European Journal of the History of Economic Thought . http://dx.doi.org/10.1080/09672567.2016.1186202 . Dougherty Keith L...

... into the category that modern economists call merit goods. Logic would seem to have required that Smith treat the arts, like ed- ucation, as a suitable object of government support, financial or other. Somewhat surprisingly, however, he held that the arts could safely be left to private initiative...

... for the widely observed phenomenon of public support for the arts.13 Various propositions have been put forward, including that the arts are a merit good, that the pay- ment of subsidies results from rent-seeking behavior by artists, that some 13. For a collection of contributions to this debate up...

... to be treated as a merit goods problem. 5. Relationship to Other Work by Frisch The analysis of the problem of the optimal diet obviously draws heav- ily on Frisch’s work in the area of production theory. His contribution to this part of economic theory is justly famous, although his publica- tion...

... The correct way to read Adam Smith is the correct way to read the forth- coming issues of a professional journal George Stigler I One of the sharpest critics of the Wealth of Nations, Joseph Schum- peter, felt forced to concede the merits of Adam Smith’s Price Theory:’ “The rudimentary...

... and sophisticated analyses of what is good in the administration of households and cities, of justice in distribution and exchange, of wealth-getting, and so on. The perhaps surprising fact is that there is a unity of Greek thought that centers around a number of key concepts. For example, the art of keeping...

.... Such an approach requires allowance for (i) existential pluralism, acknowledging that 142 History of Political Economy (1982) “ideas are not reducible to things”; (ii) ethical pluralism-“criteria of good- ness may conflict”; (iii) political pluralism-“collective decisions should per- mit...

... a resurgence in the late eighteenth century and Copleston’s was but one of several nominations made on the basis of merit alone. The tradition begun by Eveleigh soon became a system under Copleston, who regularly promoted men such as Richard Whately or John Henry New- man, who had not obtained...

... of the period. One of the merits of the book is its catholic scope. It treats the views of eco- nomic theorists, economic historians, and applied economists. By discussing al- most all the important contributors of the period we receive a broader view of the profession, albeit in relation to one...

... of an exchange, utilities, can exceed the whole, or final exchange value of goods. Another interesting aspect of the harmonic problem which merits further investigation is the mathematics and technology of the magadis, thought to be a dulcimerlike, four-stringed instrument tuned with an octave...

... the costs and benefits of each offer independently. And our evaluation of their relative merits might well change over our lifetimes. But never take someone else’s ranking as gospel. Myth Three: “I will not get a job as good as the one Craufurd has.” Actually, this one is not a myth. It is unfortunate...

... concludes that “for Aristotle the value of economic goods was based on the ‘subjective’ factor of need or want. It was not until the rehabilitation of Aristotle . . . in the thirteenth century that the so-called ‘objective’ factors of labor and expense were added to the Aristotelian...

.... Wicksell in 1924 (1958, p. 108), while observing that Menger had con- sidered “pricing in the case of the isolated exchange of two goods” as “a deter- minate problem only within more or less wide limits,” did not seize the opportunity to refer to Edgeworth’s later treatment of the problem...

... more prone to rigidity than prices of final goods, and that the latter prices tend to respond readily to underlying changes in real unit pro- duction costs lends further merit to the productivity-norm stand.4 Keynes and Price-Level Stability Keynes began his career as an uncompromising...

... political economy were not self-evident to, nor easily demonstrated by, his contemporaries. And there remains much of interest and merit in Marx’s approach to the subject. To begin with the concept of value: we know now that the labor theory of value is neither a necessary nor a sufficient...