Efficiency, Equality and Public Policy

YEW-KWANG NG holds a personal chair in economics at Monash University and is a fellow of the Academy of Social Sciences in Australia. His main publications include Welfare Economics (1979), Mesoeconomics: A Micro-Macro Analysis (1986), Social Welfare and Economic Policy (1990), Specialization and Economic Organization (1993, with X.Yang), `Towards Welfare Biology', Biology and Philosophy (1995), and Increasing Returns and Economic Analysis (1998, with K.Arrow and X.Yang).

'Kwang Ng is the leading proponent of the use of cardinal, interpersonally comparable utilities in economics. In this book he both defends their use and illustrates their application. Ng's analysis is both lucid and provocative. A fascinating journey into applied welfare economics.' - Professor Dennis Mueller, former President of the Public Choice Society and the Industrial Organization Society, USA 'Yew-Kwang Ng has been one of the most original minds studying the foundations of economic policy analysis. His work has now been brought together in one place, where the interrelations of his ideas can be most fruitfully seen. His analyses bring together the philosophical foundations and the elements of positive economic analysis to clarify the rules by which good public decisions about the economy can be made. It will have ideas new to every reader.' - Kenneth J.Arrow, Professor of Economics, Stanford University

• Preface List of Tables and Figures Introduction The Necessity of Interpersonal Cardinal Utility Welfarism Utility, Informed Preference, or Happiness Utilitarianism A Dollar is a Dollar: Solution to the Paradox of Interpersonal Cardinal Utility Economics versus Politics A Case for Higher Public Spending The Appropriate Benefit/Cost Ratio for Public Spending Concluding Remarks Appendices References Index