Welfare Economics and Development Problems

Sanjaya Lall

Chapter 2 in Developing Countries in the International Economy, 1981, pp 24-50 from Palgrave Macmillan

Abstract: Abstract The relevance of theoretical welfare economics to the general field of ‘development economics’ has never been very clear. With recent extensions of welfare theory into highly abstract and formal models of interdependent utility, social choice, public goods and the like, moreover, the relationship between it and the ad hoc and loosely defined art of analysing the problems of LDCs has begun to seem even more tenuous. It may, indeed, appear that there is very little overlap between the two: with a few exceptions, like parts of trade theory or social cost-benefit analysis, there is practically no aspect of development economics which draws upon the existing body of welfare theory.

Keywords: Income Distribution; Welfare Economic; Development Problem; Capitalist Society; Trade Theory (search for similar items in EconPapers)
Date: 1981
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DOI: 10.1007/978-1-349-07680-2_2

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