On Externalities, Information and the Government-Assisted Invisible Hand

Dados Bibliográficos

ID9727101
AutoresOtto A Davis, Andrew B Whinston (0000-0002-8580-4088)
Ano1966
Volume33
Fascículo131
Páginas303
Data de publicação1966-08-01
Peer ReviewedSim
Open AccessNão
TipoARTICLE
PeriódicoEconomica (JOURNAL)
Identificadores do periódicoISSN: 0013-0427 • E-ISSN: 1468-0335
EditoraJSTOR (PUBLISHER)
DOI10.2307/2552406
OpenAlexW2331341152
IdiomaEN
Citações recebidas6
Referências citadas1

Recently Professor Wellisz [13] critically commented upon some contributions to the externality problem 2. One would welcome such a critical comment were it not for the fact that Wellisz's treatment of the problem is rather misleading. This article attempts to make the issues more clear by (i) pointing out certain errors in Wellisz's article, (ii) indicating where his treatment fails to show an appreciation of one of the main points of these recent contributions, and (iii) briefly sketching a new approach to the problem which has certain advantages over most of the previous proposals. In trying to accomplish these three aims, the problem of information, created by the very existence of externalities, is emphasised.3

Business · Economics · Externality · Government (linguistics) · Invisible hand · Market economy · Microeconomics · Economic theories and models · Economic Theory and Institutions · Economic Theory and Policy · Philosophy