Background
Ng, Yew-Kwang was born on August 7, 1942 in Kedah, Malaysia. Arrived in Australia, 1967. Son of Saw Yew and Gee Moey (Goh) Ng.
(As the subtitle indicates, this book presents a new class...)
As the subtitle indicates, this book presents a new classical microeconomic framework. It develops a new unifying analytical framework that covers topics concerning international trade, development economics, growth theory, transaction costs economics, comparative economics, management economics, urban economics, industrial organization, and macroeconomics. The new classical microeconomic framework is used to bring the analysis of economies of specialization, the division of labor, and the structure of economic organization into the central place of economics.
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( Efficiency, Equality and Public Policy provides compell...)
Efficiency, Equality and Public Policy provides compelling arguments for the exclusive concern with efficiency in all specific areas of public economic policy, leaving the objective of equality to be achieved through the general tax/transfer system. Public policies, the author argues, should ultimately maximize the sum of individual welfares which should be individual happiness rather than preferences. The flip side is that relative-income and environmental disruption effects cause a bias in favor of private spending which is no longer conducive to social happiness.
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(Yew-Kwang Ng looks at pushing welfare economics towards a...)
Yew-Kwang Ng looks at pushing welfare economics towards a more complete analysis. The book covers not only the basic topics, but also advanced and new arguments. Traditional topics including Pareto optimality, welfare criteria, consumer surplus, social choice, externality and public goods are considered. In addition, Professor Ng looks at more advanced issues and discusses such new arguments as the quasi-Pareto criterion, the effects of the diamond effects on consumer surplus, economists' over-estimation of the costs of public spending, and his theory of the third best. The remarkable conclusion of treating a dollar as a dollar provides a powerful simplification of public policy formulation in general and in cost-benefit analysis in particular. The author attempts to make welfare economics more complete by discussing increasing returns, using the recent Yang-Ng framework of division of labour and by pushing welfare economics from the level of preference to that of welfare or happiness, making a reformulation of public policy necessary.
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Ng, Yew-Kwang was born on August 7, 1942 in Kedah, Malaysia. Arrived in Australia, 1967. Son of Saw Yew and Gee Moey (Goh) Ng.
Bachelor in Economics, Nanyang University, Singapore, 1966. Doctor of Philosophy in Economics, University Sydney, Australia, 1971.
Lector, Senior Lector, University New England, Australia, 1970-1971, 1972-1973. Visiting Professor, Virginia Polytechnic Institute, and State University, 1978-1979. Reader Economics, Monash University, Melbourne, Victoria, Australia,
.
Editorial Board, Mathematics Social Sciences, Social Choice & Welfare. Corresp. Editor, Manchester School of Economic and Social Studies.
( Efficiency, Equality and Public Policy provides compell...)
(As the subtitle indicates, this book presents a new class...)
(Yew-Kwang Ng looks at pushing welfare economics towards a...)
Author: Welfare Economics, 1979, 83, Mesoeconomics, 1986, Social Welfare and Economic Policy, 1990. (with Yang) Specialization and Economic Organization, 1993. Economics and Reforms: Collected Papers of Professor Yew-Kwang Ng, 1994, The Unparalleled, Mystery, 1994, Economics and Happiness, 1999, Efficiency, Equality and Public Policy: With a Case for Higher Public Spending, 2000.Editor Social Choice and Welfare journal. Editorial board Economic Record journal. Correspondent editor Manchester School journal.
Contribu
tions mainly in welfare economics, social choice, and aspects of microeconomics (including the economic theory of clubs, capital theory and consumer choice). In particular, the theory of third-best (No. 7 above) provides a useful policy guide.
With informational poverty, first-best rules remain optimal despite second-best complications. When applied to distributional issues, this becomes the rule of treating a dollar as a dollar to whomsoever it goes, leaving the distributional objective to be achieved through taxation. In a world of diverse individual preferences, this can be shown to be a quasi-Pareto improvement with every income group being made better off (No.
10).
The joint article with Kemp (No. 6) establishes Arrow-type impossibility theorems in the framework of a fixed set of individual preferences, freeing Arrow’s theorem from the argument of Little and Samuelson that it is irrelevant to welfare economics, and pointing to the necessity of interpersonal comparison of cardinal utilities. Such a comparison is not a value judgement (No.
3) and is made objectively possible by the recognition of finite sensibility which supports a Benthamite social welfare function (No. 5).
More recently, a method of economic analysis has been developed which incorporates elements of micro, macro and general equilibrium by focussing on the microeconomics of a representative firm but taking account of the effects of aggregate demand, aggregate output and average price (No. 9). The method can be used to examine the effects of economy-wide (No.
8) or industrywide changes on the average price and aggregate output, with implications of economic recovery without aggravated inflation.
Member American Economic Association (life), Royal Economic Society (life).
Bridge, chess, badminton, chinese poetry.
Married Seok Hean Low, March 30, 1967. Children: Aline, Eve.