In the economics of welfare originally published in 1920 pigou reconceptualized economics as a science of economic welfare in the course of which he developed the first systematic theory of market failures employing alfred marshalls theoretical framework and the utilitarian logic of henry sidgwick he argued that the smithian system of . The economic welfare of a community of given size is likely to be greater 1 the larger is the volume of the national dividend and 2 the larger is the absolute share of that dividend that accrues to the poor. This volume was originally conceived as a rewritten and revised edition of my wealth and welfare published in 1912 but the work has grown to such an extent and has come to cover so much more ground that though considerable sections of wealth and welfare are incorporated in it it is essentially an independent book. In part i it is argued subject of course to a large number of qualifications that the economic welfare of a community of given size is likely to be greater 1 the larger is the volume of the national dividend and 2 the larger is the absolute share of. Originally published in 1920 the economics of welfare provided a solution to the much discussed problem of externalities associated with market inefficiencies such as the problem of pollution the concept of externalities remains central to modern day welfare economics and particularly environmental economics
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