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We study the effects of competition by state-owned firms, leveraging the decentralized entry of public pharmacies to local markets in Chile. Public pharmacies sell the same drugs at a third of private pharmacy prices, because of stronger upstream bargaining and downstream market power in the private sector, but are of lower quality. Public pharmacies induced market segmentation and price increases in the private sector, benefiting the switchers to the public option but harming the stayers. The countrywide entry of public pharmacies would reduce yearly consumer drug expenditure by 1.6 percent, which outweighs the costs of the policy by 52 percent.

Launched in 2016, the PMUY Programme of the Government of India aimed to provide 8 crore LPG connections to women in rural households over four years. After acquiring a new connection, some households appeared uninterested in ordering subsequent subsidized LPG refills, impacting programme's sustainability, and targeting strategy. We propose a prediction model using “Explainable Machine Learning” to anticipate the beneficiaries' refill frequency with a view to improving LPG-refills and social targeting. In this paper, we suggest an enhanced stacked SVM (ISS) model for classification, which is contrasted with state-of-art ML models: Random Forest (RF), SVM-RBF, Naive Bayes (NB), and Decision Tree (C5.0). Some of the performance matrices that are used to evaluate the models include accuracy, sensitivity, specificity, Cohen's Kappa statistics, Receiver Operating Characteristic curve (ROC), and area under the curve (AUC). The proposed approach, which was validated with 10-fold cross validation, produced the best overall accuracies for data splits of 50–50, 66–34, and 80–20. The ''Explainable AI (XAI)'' model has also been used to describe how models and features interact, and to discuss the importance of features and their contributions to prediction. The recommended XAI will aid in efficient “beneficiary targeting” and “policy interventions”.

Book review: DeMartino, G. F. (2022). The Tragic Science: How economists Cause Harm (Even as They Aspire to Do Good). University of Chicago Press (pp. 272) This paper discusses the book The tragic science: how economists cause harm (even as they aspire to do good) by M. George F. DeMartino. The Author criticizes the moral geometry used by economists to evaluate harm, arguing for a more multifaceted understanding of harm that considers epistemic uncertainty. While the book under review lacks a systematic study of the moral dimension of harm, the Author’s versatility and scholarship are admirable, making it an inspiring read for both casual readers and professionals in economics and philosophy.

The article discusses a theses on social welfare and social justice by Professor Amartya Sen with a focus on the consequences of the Arrow Impossibility Theorem for Welfare Economics and Common good. The article also focuses on the rule of the respect of Private Property and constitutional arrangements for equality of free markets and contracts in Spanish labor market.

Public expenditure theory is a late-comer to the field of public finance, despite laments over the lack of such a theory dating to the late 1800s. This paper documents and attempts to explain this transformation, locating its origins in Richard Musgrave's normative theory of the public household and the adoption by subsequent thinkers of new developments in welfare theory, which was seen to offer a theoretically sophisticated a vision of the state's role as a response to the problem of market failure. [ABSTRACT FROM AUTHOR]

The papers in this issue deal with the transformation from public finance to public economics at a theoretical and philosophical level in the mid-twentieth century. Our introduction situates these papers within their intellectual context. To do so, we provide a broad outline of the trajectory of the field beginning with the transformation of welfare economics. Acknowledging the structuring role of Richard Musgrave and James Buchanan for the field, the papers highlight the key role also played by Paul Samuelson in the transition to public economics. Moreover, they underscore how ethical issues were formalised into normative economics at this critical juncture. [ABSTRACT FROM AUTHOR]

Soon after the publication of A Theory of Justice, Rawls found himself swept up in the huge wave of enthusiasm his work had elicited from economists, while also having to respond to major critiques. Among the latter we find a largely unknown piece by Samuelson, a giant in the world of economics, devoted to a central question of Rawls's framework, namely the maximin, which he supplemented with several virulent letters strongly attacking Rawls's notions of justice or fairness. A few years later, in a paper written in response to Arrow's 1985 Tanner Lectures, Samuelson would dedicate a section to "Rawls's Gratuitism," caustically remarking that "if something true by definition is a 'truism,' then we may perhaps call something gratuitous a 'gratuitism'." Focusing on the dialogue between Rawls and Samuelson after A Theory of Justice, paying special attention to their correspondence, the paper aims to shed light on the reasons for Samuelson's furore against Rawls's maximin, and to draw some lessons concerning the complex dialogue between Rawls and the economists, both as regards the attitude of the economists towards Rawls and as regards Rawls's position towards economists and the economy. [ABSTRACT FROM AUTHOR]

The aim of this article is to examine whether the cross-country and gender variations of entrepreneurship can be explained within the institutional framework. The study addresses normative forces to which entrepreneurs are expected to adapt within European welfare states. The normative forces are focused on norm-based factors of governmental quality and value-based factors of governmental generosity, which are both hypothesized to be associated with entrepreneurship at the level of society and furthermore from the gender perspective. To verify our hypotheses, the research was conducted among 28 European countries in the years 2012 to 2018. We adopted the macro-level of analysis and undertook panel data analysis (PDA). We estimated the econometric models with entrepreneurship rates as dependent variables and those with norm-based and value-based factors as independent variables. The results confirm that norm-based factors are associated with entrepreneurship and there are significant differences in the responses of female and male entrepreneurial activities to the quality of government. However, we did not find supporting evidence for the statistically significant impact of governmental generosity on entrepreneurship. The novelty of our research is in implementing institutional theory into the discussion on entrepreneurship from the welfare state perspective, by introducing the concept of norm-based and value-based factors which reflect the quality and generosity of the government. We also distinguish between the impact of governmental quality and generosity on entrepreneurship from the gender perspective to contribute to the discussion on the gender gap in entrepreneurship. [ABSTRACT FROM AUTHOR]

The crises of both the climate and the biosphere are manifestations of the imbalance between human extractive, and polluting activities and the Earth's regenerative capacity. Planetary boundaries define limits for biophysical systems and processes that regulate the stability and life support capacity of the Earth system, and thereby also define a safe operating space for humanity on Earth. Budgets associated to planetary boundaries can be understood as global commons: common pool resources that can be utilized within finite limits. Despite the analytical interpretation of planetary boundaries as global commons, the planetary boundaries framework is missing a thorough integration into economic theory. We aim to bridge the gap between welfare economic theory and planetary boundaries as derived in the natural sciences by presenting a unified theory of cost-benefit and cost-effectiveness analysis. Our pragmatic approach aims to overcome shortcomings of the practical applications of CEA and CBA to environmental problems of a planetary scale. To do so, we develop a model framework and explore decision paradigms that give guidance to setting limits on human activities. This conceptual framework is then applied to planetary boundaries. We conclude by using the realized insights to derive a research agenda that builds on the understanding of planetary boundaries as global commons. [ABSTRACT FROM AUTHOR]

It's been a subject of long-time discussions if environmental impacts matter as much as economic and social challenges facing the world today. One of the main causes why it is hard, not only for the general society but also for the professionals too, to have a clear picture of environment and climate-related challenges, is that these impacts are rarely analyzed in economic terms. The purpose of this study is to present the importance of economic analysis of environmental impacts and outline their role in modern welfare states. The paper uses comprehensive secondary data sources, quantitative and qualitative data analysis for this study; books, scientific articles, methodologies and guides as well as international organizations' data and assessments are examined here. Literature review method is used in the article to present the theoretical framework in detail. In particular, the importance of assessing environmental impacts is shown in connection with welfare economics, and the core economic concepts and models established in this field are reviewed. Concepts of utility, efficiency and cost-benefit analysis are briefly analyzed. The natural and environmental resources, as resources of "common-pool" and "public goods" are shown and total economic value methods are discussed there as the main applied techniques of economic valuation of non-market, including environmental impacts. The part of results and discussions of the study is broken down into three main directions: (1) economic losses of environmental degradation and the environmental challenges facing the world today are examined in the research; (2) consideration of environmental components in impact assessment practice of high-income economies are presented in the study; (3) recent developments in numbers of international indices and national wellbeing models are presented in the study to show how environmental components are reflected in selected welfare indicators. The article finalizes with the conclusions reflecting the main contributions of the study and proposing the areas of future researches in the field of economic analysis and valuation of environmental impacts. [ABSTRACT FROM AUTHOR]

Ovine footrot and contagious ovine digital dermatitis (CODD) cause lameness in sheep, affecting welfare and economics. Previous Swedish studies focused on individual slaughter lambs, leaving flock-wide prevalence less explored. This study examined the prevalence of footrot and CODD in Swedish sheep flocks, focusing on adult sheep. From 99 flocks, 297 swabs were analysed using real-time PCR for Dichelobacter nodosus, Fusobacterium necrophorum, and Treponema spp. Sampled feet were photographed and assessed using scoring systems for footrot and CODD. Results indicated footrot prevalences (footrot score ≥ 2) of 0.7% and 2.0% at the individual and flock levels, respectively, whereas there were no signs of CODD. The individual footrot prevalence was lower than that from a 2009 study but aligned with a 2020 study, both conducted on slaughter lambs. Dichelobacter nodosus, F. necrophorum, and Treponema spp. were found in 5.7%, 1.3%, and 65.0% of sheep, and in 9.1%, 3.0%, and 82.8% of flocks, respectively. Compared to the 2020 study, there was a notable decrease in F. necrophorum and Treponema spp., while D. nodosus was consistent. In conclusion, the findings show a low prevalence of footrot, CODD, D. nodosus, and F. necrophorum in Swedish sheep flocks. Continuous surveillance and owner education are important to maintain this favourable status. [ABSTRACT FROM AUTHOR]

Are fairness and efficiency compatible in behavioral welfare economics? Assuming multi-self agents, who may not be able to integrate their various objectives into complete and transitive rankings, we call an allocation unambiguously-fair if it fair according to every self of every agent. We show that efficiency is generically compatible with the unambiguous fair-share guarantee, and — in two agent economies — with unambiguous no-envy. But in some larger economies, no efficient allocation satisfies unambiguous no-envy or unambiguous egalitarian equivalence. These non-existence results persist if the agents integrate their objectives into complete but intransitive rankings. Even if unambiguously envy-free Pareto optima exist, they may not arise as market equilibria from equal endowments. Finally, we show that there are Pareto optima with the unambiguous fair-share guarantee that are envy-free for at least one complete and transitive aggregation of the agents' preferences, and others that are egalitarian-equivalent according to at least one such aggregation. [ABSTRACT FROM AUTHOR]

Innovation research is motivated by the understanding that new technologies contribute to address societal challenges and foster welfare. Extant research in the economics of innovation has, however, adopted a narrow definition of social welfare, which focuses on economic performance and material well‐being, and that mostly disregards distributional impacts of innovation. This paper critically reviews the concept of social welfare in the economics of innovation literature, and it outlines a new research agenda that will investigate the impacts of innovation on individuals' well‐being and aggregate social welfare. The new research program has two major pillars. First, it adopts a broader notion of agents' well‐being that comprises also non‐economic factors and capabilities alongside income and material wealth. Second, it argues that welfare analyses of innovation must explicitly take into account equity and social justice in addition to efficiency and economic performance. This new research agenda opens up several novel questions for future innovation research and policy‐making, pointing to the existence of trade‐offs and dilemmas between efficiency and equity, and between short‐ and long‐run impacts of innovation on social welfare. [ABSTRACT FROM AUTHOR]

The objective of the study described in this paper is to evaluate the assertion that the Africa Continental Free Trade Agreement (AfCFTA) is expected to increase economic welfare among its member countries. The paper leverages the cross-sectional variation between least developed countries (LDCs) and non-LDCs to analyse output, trade, and welfare effects of the AfCFTA. The analysis employs a sectoral aggregation geared to detect the most salient features of the manufacturing industries in LDCs. LDCs in Africa face significant structural challenges to long-term development and are susceptible to economic shocks. Even though the World Bank and African Union have taken significant steps in addressing the main LDC challenges, it has not stopped LDC governments from being highly concerned about the rising adjustment costs that the AFCFTA agreement entails. Using data from the Version 10, Global Trade Analysis Project (GTAP) Data Base as well as macroeconomic projections on real GDP, population, physical capital, and labour force for LDC and non-LDC regional aggregations, the paper compares the African economy in 2035 with and without the AfCFTA in place. To this end, the computable general equilibrium (CGE model was used to simulate three scenarios that represent the AfCFTA: a percentage tariff elimination, a 50% reduction of (non-tariff measures) NTMs, and a combination of 97% tariff elimination and a 50% reduction of NTMs across all member states. The empirical evidence provided shows that the economic effects of the AfCFTA rely largely on trade defence instruments such as eliminating import tariffs, reducing non-tariff measures (NTM), and improving trade facilitation as the source of enhancement to welfare. The findings show that the agreement is expected to create an overall welfare gain of $17.7 billion by 2035. LDCs are expected to shift from a previously predominantly agricultural industry towards a more productive textile industry. Meanwhile, non-LDCs strongly shift towards the manufacturing and processed food industry while moving away from textiles. In LDCs, labour and capital significantly increase in textiles while they decrease in the manufacturing industry. In contrast, labour and capital in the non-LDCs increase in the manufacturing industry while reducing in the textile industry, thus allowing factors to reallocate to more productive sectors. As trade barriers are reduced, the price of imports falls, increasing the number of imports due to domestic demand. The results show that the elimination of tariffs has a slightly higher impact on LDCs, while the reduction of NTMs has a more significant impact on non-LDCs. [ABSTRACT FROM AUTHOR]

We study the price, GDP growth, trade, and welfare effects of the African Continental Free Agreement (AfCFTA) for Ghana with a computable general equilibrium (CGE) model based on the Global Trade Analysis Project (GTAP) 10 database. The policy shock consists of complete tariff elimination on all imports from the rest of Africa into Ghana. We create an aggregation of the model consisting of three regions (Ghana, rest of Africa (ROA) and rest of the world (ROW)), six sectors (grain crops, meat and livestock, mining and extraction, food processing, manufacturing, and services), and five factors of production (land, unskilled labour, skilled labour, capital and natural resources). Land and natural resources are assumed to be immobile between sectors, but labour and capital are mobile. The sectoral aggregation reflects the main categories of economic activities in Ghana. The implementation strategies include standard multi-regional general equilibrium closure (exogenous labour endowment and endogenous real wage) or alternatively, a model with endogenous labour endowment and an exogenous real wage that allows for the possibility of unemployment. We find that the effects of tariff elimination on Ghana's GDP growth and welfare depend on the GTAP model assumptions. For example, the model with the standard GTAP closure, where labour supply is fixed, yields negative welfare effects for Ghana, but the model with unemployment yields positive welfare effects. [ABSTRACT FROM AUTHOR]

The study explores the human resource transformation from the food-delivery workers' perspective. Utilizing a mixed-methods approach, we found nine job motivations fitted to a tri-dimensional conceptualization model of the food-delivery workers. Four role senders who induce stresses in the role structures were identified. The effects of job motivations on role stressors vary across different working conditions. Role conflict is a severe problem generating turnover intention in the supply-side of sharing economy. The practical contribution shows productivity enhancement from workers' intrinsic factors. The extrinsic factors of welfare economics are still essential for human resource transformation in the sharing economy. [ABSTRACT FROM AUTHOR]

This research paper aims to present the results of the implementation of the C.W.-SMILE tool that recorded child well-being in the second semester of the 2020–2021 school year. This is the fifth round of this ongoing diachronic research. The C.W.-SMILE tool consists of six dimensions: home conditions (D.1), nutrition (D.2), unemployment of guardians (D.3), free healthcare (D.4), moral education (D.5), and leisure (D.6). The first three dimensions concern children's economic well-being, while the latter three dimensions determine children's non-economic well-being. Based on welfare economics, the combination of economic well-being and non-economic well-being constitutes children's general (social) well-being. Each dimension consists of Simple Indicators. The paper also presents the results of the school year as a whole, to help investigate the evolving impact of the COVID-19 pandemic on children's well-being for more periods. The tool was used to measure the well-being of children in Attica, through questionnaires that were circulated in 22 public schools and three support centers of the organization 'The Smile of the Child' (25 units in total). The sample consisted of 509 children, belonging to three distinct school categories. The results of the second semester are mapped in seven clusters (relating to seven socio-economically homogenous groups of municipalities in Attica). Analysis of the results of the school year 2020–2021 was done based on the data collected from a sample of 1,623 children; in other words, it took into account the data relating to the entire samples that were surveyed in the first and second semesters. The central outcomes of all the previous rounds of the research are verified through a principal component analysis (PCA), and a multiple correspondence analysis (MCA) which are employed for the fifth round. Finally, the paper suggests an action plan of social welfare based on a ChoiCo game designed for the needs of the fifth round of the C.W.-SMILE research. [ABSTRACT FROM AUTHOR]

With an increased focus on social well‐being in response to a burgeoning global economy exposing the weaknesses of social welfare policies, research output in the field has grown exponentially. Keeping track of the evolving research themes proves difficult due to the steady rise in the number of studies published in the interdisciplinary field of social welfare. Therefore, researchers need a comprehensive overview to confirm the current shape of the field based on the published research. Using a latent Dirichlet allocation algorithm as a topic modelling technique, this study identified 12 prominent themes from more than 10,000 research outputs on social welfare published from 2000 to 2020 in Scopus‐indexed journals. Such an exploratory text‐mining approach to literature review provides broad insights into the diversity of research and may serve as a foundation for further in‐depth studies. Identifying these 12 thematic areas and their sub‐themes allows us to articulate the complexity and diversity of social welfare issues, which go far beyond the field of well‐established welfare economics or social work. The study shows that the topic of 'social welfare' has not only evolved over time but has significantly broadened its meaning. It can no longer be solely synonymous with institutional social security. We contend that research in this area needs to take into account a broader and more systematic range of determinants constituting the dynamic character of social welfare. [ABSTRACT FROM AUTHOR]

Utilitarianism is the most prominent social welfare function in economics. We present three new axiomatic characterizations of utilitarian (that is, additively-separable) social welfare functions in a setting where there is risk over both population size and individuals' welfares. We first show that, given uncontroversial basic axioms, Blackorby et al.'s (J Popul Econ 11:1–20, 1998) Expected Critical-Level Generalized Utilitarianism is equivalent to a new axiom holding that it is better to allocate higher utility-conditional-on-existence to possible people who have a higher probability of existence. The other two characterizations extend and clarify classic axiomatizations of utilitarianism from settings with either social risk or variable-population, considered alone. [ABSTRACT FROM AUTHOR]

Neonatal calf diarrhea syndrome, also known as calf scours or enteritis, is a common condition that affects young calves, particularly those between one and three weeks of age. This syndrome has a multifactorial etiology and has a negative impact on farm economics and welfare. The severity of diarrhea can range from mild to severe, and it can lead to dehydration, electrolyte imbalances, and even death in severe cases. Early recognition and prompt treatment of diarrhea are essential to minimize the negative impact on calf health and productivity. This study was conducted on a private farm at the request of the owner on a 3-week-old female in October 2022. The clinical examination was requested due to changes in the general condition such as apathy, uncontrollable diarrhea, dehydration, colic syndrome, inappetence, high body temperature. This abstract provides an overview of the causes and management of diarrhea in neonates, including prevention strategies and treatment options. Understanding the appearance of diarrhea in the neonatal period is crucial for healthcare providers and caregivers to ensure the optimal health and well-being of newborns. [ABSTRACT FROM AUTHOR]

BACKGROUND: At a time when welfare contracts are in crisis, it is timely to discuss different forms of disruptive innovation and responses of medical finance and economic systems, especially adjusting with new instruments for recovery and innovative solutions for health reforms. OBJECTIVE: The objective of this paper is to propose some ways to develop a framework for policy changes affecting life science sectors and healthcare. It aims to analyze the types of relationships between health or medical systems and the economic systems. METHOD: Medical systems used to be generally closed systems, but the new forms of delivery, especially with increase of telehealth and Mobile health (Mhealth) solutions (boosted by the COVID-19 pandemic, such as online consultations), have open traditional boundaries and generate more interactions with economic systems. It also led to new institutional arrangements at federal, national, or local levels, with different power games according to the history of institutions and cultural differences between countries. RESULTS: Which system dynamics prevail will also depend on the political systems in place, for instance very innovative open innovation systems dominated by private players such as the USA empower individuals and favor intuitive and entrepreneurial states. On the other hand, systems historically dominated by socialized insurance or former communist countries, have investigated "attunements" or adaptation mechanisms in system intelligence. However, systemic changes are not only implemented by traditional rulers (government agencies, federal reserve banks) but also face the emergence of systemic platforms dominated by Big Tech players. The new agendas expressed for instance in the United Nation (UN) framework and the set of Sustainable Development Goals (SDGs) for climate change and sustainable growth, also require global adjustment of supply and demand, in a context where the traditional drug/vaccine split is challenged by the new technologies (e.g., mRNA technologies). Investment for drug research led to the development of COVID-19 vaccines, but also potential cancer vaccines. Finally, welfare economics is increasingly criticized among economist circles; it requires new design for global value assessment framework, facing growing inequalities and inter-generational challenges in aging populations. CONCLUSION: This paper contributes to new models of developments and different frameworks for multiple stakeholders with major technological changes. [ABSTRACT FROM AUTHOR]

The association between stock and oil prices is essential because these are subjected to economic changes. The changing economic and political conditions create shocks in the economy that bring Instability in the oil market that spills over to developing nations 'stock markets. The study has used the daily data to study the spillover from crude oil to the stock markets of South Asia. The Markov-Switching and DCC-GARCH approaches have been used in this study. The results found the positive impact of crude oil prices on the stock markets and reflect that high price volatility in the crude oil market brings positive spillover and shocks in the South Asian stock markets. Furthermore, the DCCGARCH model found the decay in the persistence of volatility over time. Further, they explored that there does not exist volatility spillover from the crude oil to the stock markets of Nepal, Bhutan, and Sri Lanka in the short run. However, the volatility spillover in the long run exists for all the stock markets except the Colombo Stock Exchange. This shows an opportunity for the investors for portfolio diversification in Nepal, Bhutan, and Sri Lanka because these are independent of the instabilities in the crude oil market. Overall, the study provides valuable insight for policymakers and investors on spillover from oil to stock markets, risk management, and its diversification approaches in the stock markets of South Asia. [ABSTRACT FROM AUTHOR]

The article focuses on the theoretical foundations of agricultural policy and its implications for decision-making. Topics include the integration of welfare economics, institutional economics, and agricultural protectionism; the role of various policy actors and their interactions; and future trends in agricultural policy, particularly the evolution of the Common Agricultural Policy (CAP).

Copyright of Acta Economica is the property of University of Banja Luka, Faculty of Economics and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Frank Knight was an enigmatic thinker: about economics, individual behavior more generally, ethics, epistemology, and a number of other subjects. However, his views on some topics often created tensions with his views on other topics. This paper will examine two of these Knightian tensions: his views on the relationship between homo economicus the actual human behavior and his views on the relationship between rational economic behavior and normative economics. It will be argued that Knight anticipated many of the anomalies identified by behavioral economics and yet did so while defending homo economicus to some degree. [ABSTRACT FROM AUTHOR]

Menger's distinction between "true" and "imaginary" goods and his attempt to relate the account of goods back to human needs invites a discussion of whether his work constitutes a fruitful basis for modern welfare economics. In this paper, we show that Menger's system contains indeed a form of welfare economics, but only in a limited sense. For Menger, individuality and individual processes of needs-discovery are central to human welfare. Beyond this abstract point, Menger's welfare economics is institutional. The economist can study the framework that is conducive to economic prosperity and the growth of knowledge, which are in turn conducive to agent-relative needs-discovery and satisfaction. To develop our argument, we examine the epistemic and ontological status of Menger's "exact laws" and their connection with his emphasis on true needs, true goods, and economic action. Overall, Menger's system gives economists good reasons why they might want to show humility and shy away from paternalistic policies that reduce the "countervailing" or "distorting" factors on economic behavior. [ABSTRACT FROM AUTHOR]

This Article examines how the two blind spots of economics--markets and the interior of firms--combined over the past 40 years to create the modern corporate governance regime. The focus of corporate law reformers over the past four decades on achieving ex-post welfare outcomes ignored the traditional centrality of supporting ex-ante market behaviors in corporate law. Corporate law was originally designed from the bottom up to promote the activities of bargaining, experimentation, and competition. None of these activities are currently much in evidence around the governance of public companies. The current corporate governance regime has not succeeded, even on its own terms, and it has seriously damaged the relevant markets. This Article joins a trend in recent legal scholarship of pointing out the intrinsic social value of market activities and their importance in making sense of legal doctrine. Economic efficiency arises from market activities like bargaining and experimentation that are, themselves, inefficient. The modern corporate governance regime has forgotten this fact. [ABSTRACT FROM AUTHOR]

Perhaps the most important element of James Buchanan's contribution to constitutional economics is his differentiation between pre- and post-constitutional levels of decision-making. At first glance, a tension may appear between those two levels of analysis. In one, the rules by which we live are up for debate, allowing us to exercise our creative and imaginative capabilities in constitutional construction. In the other, the rules are viewed as fixed, and we are left simply to treat them as constraints. This paper explores three key elements of Buchanan's thought that allow him to navigate successfully between the two levels. The first is the importance of "the relatively absolute absolute", a concept learned from his mentor, Frank Knight. The second is Buchanan's approach to "truth judgments" in politics, and their status in our political discussions. Third, we draw on Buchanan's insights in his 1959 paper "Positive Economics, Welfare Economics, and Political Economy" to show how political economists should participate in this decision-making process—not as expert philosopher-kings, but as co-equals with their fellow citizens. Finally, we illustrate Buchanan's system of thought in action by presenting two case studies: Virginia education policy in the wake of Brown v. Board of Education, and the 1928 Supreme Court ruling in Miller v. Schoene. [ABSTRACT FROM AUTHOR]

The contributions of economists have long included both positive explanations of how economic systems work and normative recommendations for how they could and should work better. In recent decades, economics has taken a strong empirical turn as well as having a greater appreciation of the importance of the complexities of real‐world human behaviour, institutions, the strengths and failures of markets, and interlinkages with other systems, including politics, technology, culture and the environment. This shift has also brought greater relevance and pragmatism to normative economics. While this shift towards evidence and pragmatism has been welcome, it does not in itself answer the core question of what exactly constitutes 'better', and for whom, and how to manage inevitable conflicts and trade‐offs in society. These have long been the core concerns of welfare economics. Yet, in the 1980s and 1990s, debates on welfare economics seemed to have become marginalised. The articles in this Fiscal Studies symposium engage with the question of how to revive normative questions as a central issue in economic scholarship. [ABSTRACT FROM AUTHOR]

Economics is permeated with value judgements, and removing them would be neither possible nor desirable. They are consequential, in the sense that they have a sizeable impact on economists' output. Yet many economists may not even realise they are there. This paper surveys ways in which values influence economic theory and practice and explores some implications for the manner in which economics – especially welfare economics – is taught, practised and communicated. Explicit attention to values needs to be embedded in the teaching of economics at all levels. [ABSTRACT FROM AUTHOR]

Indeed, as depicted by Abram Bergson ([4]) and Samuelson ([12], [13]), the elaboration of the so-called Bergson-Samuelson social welfare function goes back to their common Harvard days during the late thirties, when both tried to understand the "more obscure chapters of Pareto's I Manuel i " (Hicks [7], quoted by Backhouse [2], p. 170). Backhouse, Roger E., Baujard, Antoinette, and Nishizawa, Tamotsu, eds., (Cambridge: Cambridge University Press, 2021), pp. ix + 338, £75 (hardcover). On the contrary, according to Backhouse, Baujard, and Nishizawa, non-welfarist elements are present from the very beginning of the history of welfare economics, especially "when (seemingly welfarist) economists engage with practice" (p. 7). [Extracted from the article]

Two spatial equilibria, agglomeration, and dispersion, in a continuous space core–periphery model, are examined to discuss which equilibrium is socially preferred. It is shown that when transport cost is lower than a critical value, the agglomeration equilibrium is preferable in the sense of the Scitovszky criterion, while when the transport cost is above the critical value, the two equilibria cannot be ordered in the sense of the Scitovszky criterion. • Welfare economic properties of a NEG model in a continuous space are investigated. • Agglomeration is preferable when transport cost is low. • Agglomeration and dispersion cannot be ordered when the transport cost is high. [ABSTRACT FROM AUTHOR]

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IntroductionFood security and food security are considered important development goals in all countries, so that reducing food insecurity is seen as an important political goal for all people. Accessing this goal can be achieved by increasing food supply, improving access to food, and increasing people's purchasing power. But evaluating these programs is challenging. In this regard, the purpose of this study is to investigate food insecurity and determine the economic value of food in the country. For this purpose, the analysis of welfare economics proposed by Chavez (2017) has been used. Materials and MethodsThe data and information required in this study include household consumption expenditure for six major food groups: 1- bread and cereals, 2- meats, 3- dairy products, 4- fresh fruits, 5- oils and fats, and 6- fresh vegetables that have been used from the statistics of the raw income-household data questionnaire for 2018. In this study, household demand was estimated using the near-ideal Quadratic Almost Ideal Demand System (QUAIDS) and then the income, compensatory price (Hicks), and non-compensatory elasticities (Marshall) were calculated. Finally, the economic value of food (food benefit) was calculated for the six groups of food under three scenarios: 1- High food insecurity, 2- Moderate food insecurity, and 3- Food security. Results and DiscussionThe results of income elasticity calculations showed that the group of bread and cereals, dairy products, oils and fats, and vegetables are among the essential goods and the meat of luxury goods and fruits have the same elasticity According to the results of compensatory price elasticity (Hicks), all negative own-price elasticities are consistent with economic theory and show a negative relationship between the price of each commodity and the demand for that commodity. In all studied groups, own-elasticity is less than one price and therefore they are less elastic concerning their price. A comparison of the own-price elasticity of demand for the studied goods showed that the absolute value of own-price elasticity is higher for dairy products than other goods and less for meat than other goods. In other words, for a one percent increase in the price of dairy products, the demand for it decreases more than other goods. The amount of cross-price elasticity for all food groups in terms of absolute value is less than one. In other words, in most cases, consumers change the demand of another group less by changing the price of one group. After calculating price and cross-price elasticities, the economic value of food (food benefit) of each urban household was calculated in three scenarios: 1- high food insecurity, 2- moderate food insecurity, and 3- food security. The food benefit of each household in the high food insecurity scenario for the group, bread and cereals are 2903.7 (1000Rials), meat 5947.3 (1000Rials), dairy 5601.4 (1000Rials), fruit 5486.1 (1000Rials), oils and fats 1859.2 (1000Rials) and vegetables 2394.3 (1000Rials). In total, the economic value of food for an urban household with a high level of food insecurity is equal to 24192.0 (1000Rials). While for the food security scenario equal to 77046.8 (1000Rials) has been obtained. Conclusion A comparison of the economic value of the food groups studied in the moderate food insecurity scenario compared to the high food insecurity scenario indicates that the value of food under the second scenario is at least 1.6 times higher than the first scenario and the economic value of meat in the moderate food insecurity scenario has increased more than other food items and the economic value of oils and fats has increased less than other food items. Also, the economic value of selected food groups in the food security scenario compared to the high food insecurity scenario, indicates that bread and cereals are 3.18 times, meat 3.29 times, dairy products 3.22 times, fruit 3.16 times, Oils and fats are 2.94 times and vegetables are 3.11 times. In this case, the economic value of meat has increased more than other foods and the economic value of oils and fats has increased less than other foods. According to the results of food insecurity scenarios, it was observed that household income is the main factor in household food security and food benefit and has the greatest impact on it. Therefore, it is suggested that the goals of policies in the field of supporting low-income groups are to pave the way for increasing the income of this group.

Despite having acquired an education that should prepare them for the workforce, many fresh graduates are facing difficulties in securing gainful employment in Hong Kong. Drawing on the concept of "employment precarity", this study examines the predicaments that fresh university graduates encounter in Hong Kong in relation to social identity transition and job-seeking barriers. Using Critical Discourse Analysis, the researchers adopt a qualitative methodology to examine the written reflections of eight undergraduate students at a university in Hong Kong. (1) The findings reveal that students experience frustration, anxiety and uncertainty during the transition, indicating a need for improvement in the current pedagogical policies. (2) Recommendations are offered for higher education policymakers and universities to help alleviate these hardships. New sets of pedagogical strategies are developed to mitigate graduates' exposure to employment precarity and to enhance their employability. [ABSTRACT FROM AUTHOR]

We propose the use of Bayesian estimation of risk preferences of individuals for applications of behavioral welfare economics to evaluate observed choices that involve risk. Bayesian estimation provides more systematic control of the use of informative priors over inferences about risk preferences for each individual in a sample. We demonstrate that these methods make a difference to the rigorous normative evaluation of decisions in a case study of insurance purchases. We also show that hierarchical Bayesian methods can be used to infer welfare reliably and efficiently even with significantly reduced demands on the number of choices that each subject has to make. Finally, we illustrate the natural use of Bayesian methods in the adaptive evaluation of welfare. [ABSTRACT FROM AUTHOR]

Welfare economics analyzes societal well-being based on individual levels of self-evaluated happiness or "utility." All human emotions, including what economists label as utility, are evolutionary creations, shaped by natural selection for the sole purpose of altering individuals' behavior in ways that maximize their relative reproductive success. Because of the evolutionary origins and nature of human motivations, welfare economics has little to say about societal well-being. While welfare economics is not useful for normative statements, it nonetheless provides a measure of the difficulties in implementing policy. [ABSTRACT FROM AUTHOR]

Simple Summary: Lameness in cows is a major problem within the dairy industry that concerns both economics and animal welfare. The assigning of locomotion quality "scores" by human observers watching cows walk is a commonly used method for identifying lameness in dairy cows. However, automated gait assessment technologies have been developed as an alternative, and these can provide more detailed and objective data regarding locomotion. The three primary types of technology used for this purpose are kinetic, kinematic, and accelerometric, which involve looking at movement regarding space and time, forces associated with motion, and acceleration, respectively. We conducted a systematic literature review to determine measurements, and relationships between them, that have been recorded using these technologies, as well as through other methods. Within the 37 articles that were included, measurements recorded using these different technologies often overlapped. However, inconsistencies regarding details of the technologies and the approaches used made it difficult to compare specific locomotion measurements across studies. More research is needed to achieve a comprehensive understanding of how factors regarding the health, environment, and management of dairy cows affect locomotion, as recorded through the detailed, objective outcome measurements provided by these technologies. Lameness within the dairy industry is a concern because of its associated costs and welfare implications. Visual locomotion scoring has been commonly used for assessing cows' locomotion quality, but it can have low reliability and is relatively subjective compared to automated methods of assessing locomotion. Kinematic, kinetic, and accelerometric technologies can provide a greater number of more detailed outcome measurements than visual scoring. The objective of this systematic review was to determine outcome measurements, and the relationships between them, that have been recorded using kinematic, kinetic, and accelerometric technologies, as well as other approaches to evaluating cow locomotion. Following PRISMA guidelines, two databases were searched for studies published from January 2000 to June 2022. Thirty-seven articles were retained after undergoing a screening process involving a title and abstract evaluation, followed by a full-text assessment. Locomotion measurements recorded using these technologies often overlapped, but inconsistencies in the types of technology, the arrangement of equipment, the terminology, and the measurement-recording approaches made it difficult to compare locomotion measurements across studies. Additional research would contribute to a better understanding of how factors regarding the health, environment, and management of dairy cows affect aspects of locomotion, as recorded through the detailed, objective outcome measurements provided by these technologies. [ABSTRACT FROM AUTHOR]

The article problematizes state penality as a mechanism of repression of precarious workers through a war on drugs in the Philippines. The narratives of 27 arrested 'drug personalities' in Metro Manila tell of how methamphetamine energizes bodies and motivates minds for productive work. Bidding to be classified as willing and able workers and family men, the study's participants orient to a moral stratification that pits the 'moral versus immoral' and the 'hardworking versus lazy'. Qualifying their drug use as strategic and calculated, they uphold the neoliberal values of individual choice and accountability. Their support for the anti-drug campaign stems from their recognition of a drug problem and the socioemotional toll of the dysfunctions of living in the slums. While trade liberalization facilitates methamphetamine inflow, a war on drugs fuels an authoritarian populism. As the state reaffirms symbolic mission to protect its citizens, it blames precarity to a problem population. [ABSTRACT FROM AUTHOR]

This article addresses the problem that societies face for properly allocating resources to grant security to their members. It examines the methods and ways for setting and distributing these resources to obtain enough military capabilities to face threats. The problem: the choice of an allocation that optimizes social welfare is an old and constant concern for public policies. The main novelty of this article is to explore this problem from the bounded rationality of human beings, i.e. choices made under imperfect information, preferences unsupported by economic rationality or the constrained effectiveness of non-market arrangements for deciding adequately. These issues may drive to allocations that do not obtain the largest welfare. [ABSTRACT FROM AUTHOR]