Welfare-reducing growth and cost-benefit analysis: essay in memory of E.J. Mishan

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Abstract

Mishan's emphasis on the costs of economic growth half a century ago is becoming more important in this era of environmental concerns. More recently, another possible source of immiserizing growth is the one-child policy (recently relaxed) of China. This resulted in a biased sex-ratio and higher competition to earn incomes (to increase the probability of getting a wife), resulting in positive effects on GDP but negative effects on welfare. The implications of welfare-reducing growth for cost-benefit analysis and the legalization of prostitution are also discussed.

Original languageEnglish
Article number1640013
Number of pages9
JournalSingapore Economic Review
Volume61
Issue number3
DOIs
Publication statusPublished - 1 Jun 2016
Externally publishedYes

Keywords

  • cost-benefits analysis
  • immiserizing growth
  • polyandry
  • prostitution
  • Welfare-reducing growth

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