Welfare Economics and the Economics of Socialism: Towards a Commonsense Critique

accordingly actual additional allocation alternative amount applied basis called capital chapter choice compared compensation concerned consideration consistent consumers cost course curve decisions defined demand desirable direction discussion distribution economic economists effect equal example existing expressed extent factors final follows given greater growth growth-rate hence implies importance income increase indicated individual industry inputs investment involved kind labour latter least less limited London marginal marginal cost means measure methods of production objection optimum output particular pattern period planning position possible practical preferences present principle problem Professor quantities question ratio reached real income reason regarded relation relative remain represent result rule satisfaction seems seen sense shift situation so-called social socialist stages sufficient supply taken things tion true unit utility various welfare yield