The Utility Concept of Net Social Cost: A Criterion for Public Policy

Luther G. Tweeten, Fred Helmer Tyner

ISBN 10: 1390527441 / ISBN 13: 9781390527445

Published by Forgotten Books, 2024

About this Item

Print on Demand. This book evaluates the social cost of various agricultural policies and programs, particularly in relation to wheat production. The author argues that the concept of social cost can be a useful tool for assessing the desirability of specific programs. However, the author also cautions that social cost is not a perfect measure and that it should be used in conjunction with other criteria to evaluate agricultural policies and programs. The author begins by discussing the different ways that social cost has been defined and measured. He then applies the concept of social cost to a number of different agricultural policies and programs, including supply control, acreage diversion, direct payments, and market subsidies. The author finds that the social cost of agricultural policies and programs can vary widely, depending on the specific policy or program being considered. However, he also finds that the social cost of agricultural policies and programs is often relatively small in relation to the benefits that they provide. The author concludes by arguing that the concept of social cost can be a useful tool for assessing the desirability of agricultural policies and programs. However, he also cautions that social cost is not a perfect measure and that it should be used in conjunction with other criteria to evaluate agricultural policies and programs. This book is a reproduction of an important historical work, digitally reconstructed using state-of-the-art technology to preserve the original format. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in the book.

Seller Inventory # 9781390527445_0

Bibliographic Details

• Title: The Utility Concept of Net Social Cost: A Criterion for Public Policy
• Publisher: Forgotten Books
• Publication Date: 2024
• Language: English
• ISBN 10: 1390527441
• ISBN 13: 9781390527445
• Binding: Paperback
• Condition: New
• Book Type: print-on-demand item
• Seller catalogs:
  • Economics

About this title

Synopsis

Understanding how public policies affect welfare beyond price signals.

This work introduces the net social cost concept and applies it to wheat programs to show how government actions shift welfare, not just prices, for farmers and taxpayers.

The discussion centers on policy designs like acreage diversion, market subsidies, and multi-price schemes. It explains how social cost represents the foregone utility from nonoptimal output and highlights limitations when large transfer payments are involved. The study offers a framework for comparing policy options and their broader impact on society.

• How net social cost is defined and measured as foregone welfare.
• How different wheat programs influence government cost, farm income, and social cost.
• Why social costs rise when demand is elastic or inelastic in key markets.
• Important cautions about applying the concept to real-world policy choices.

Ideal for readers of public policy, agricultural economics, and policy analysis seeking a concise framework to compare policy alternatives.