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The General Theory of the Second-Best After Twenty-Five Years

Richard Harris

Working Paper from Economics Department, Queen's University

Abstract: The theory of the second-best originally proposed by Lipsey and Lancaster is surveyed, covering the original 1957 paper until 1981. General themes covered include the (im)possibility of piecemeal welfare policy, the search for and characterization of, general second-best rules, and the impact on applied welfare economics.

Date: 1981
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