IN CONTEXT
Economic policy
Kelvin Lancaster (1924–99)
Richard Lipsey (1928–)
1776 Adam Smith claims the “invisible hand” of the self-regulating market is superior to government intervention.
1932 British economist Arthur Pigou advocates the use of taxes to correct market failures.
1954 In Existence of an Equilibrium for a Competitive Economy, Gérard Debreu and Kenneth Arrow demonstrate that an entirely free market economy can maximize the welfare of its participants.
From 1970s Welfare economics is developed through the work of economists Joseph Stiglitz, Amartya Sen, and others.
Standard economic theory holds that where markets ...
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