Beyond Marginal Analysis: Perspectives from an Inframarginal Analysis of the Division of Labour

Yew-Kwang Ng ()

Chapter 10 in Welfare Economics, 2004, pp 230-256 from Palgrave Macmillan

Abstract: Abstract Traditional welfare economics is incomplete in at least two important respects. First, it is based on an orthodox economic analysis that is largely neoclassical in nature. Neoclassical economics concentrates on resource allocation and largely ignores the important classical economic problems associated with divisions of labour to take advantage of economies of specialisation and the associated evolution of economic organisations. This deficiency is discussed in the present chapter. While attention has recently been paid to the classical problems of specialisation (see for example Yang and Ng, 1993), the related welfare economic issues raised by this new classical framework are only just beginning to be addressed and there is considerable scope for further research.

Keywords: General Equilibrium; Pareto Optimality; Competitive Equilibrium; Invisible Hand; Marginal Analysis (search for similar items in EconPapers)
Date: 2004
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-4039-4406-1_10

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DOI: 10.1057/9781403944061_10

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