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This book provides compelling arguments for the exclusive concern with efficiency ('a dollar is a dollar') in all specific areas of public economic policy, leaving the objective of equality to be achieved through the general tax/transfer system. Public policies should ultimately maximize the sum of individual welfares which should be individual happiness rather than preferences. Relative-income and environmental disruption effects cause a bias in favour of private spending which is no longer conducive to happiness socially. Welfare can be increased more by higher public spending on research and environmental protection, including the perfection of the techniques of brain stimulation to increase happiness.

Efficiency, Equality and Public Policy: With A Case for Higher Public Spending

Preface List of Tables and Figures Introduction The Necessity of Interpersonal Cardinal Utility Welfarism Utility, Informed Preference, or Happiness Utilitarianism A Dollar is a Dollar: Solution to the Paradox of Interpersonal Cardinal Utility Economics versus Politics A Case for Higher Public Spending The Appropriate Benefit/Cost Ratio for Public Spending Concluding Remarks Appendices References Index