Myth of Social Cost: A Critique of Welfare Economics and ...
Cheung, Steven N. S.![Myth of Social Cost: A Critique of Welfare Economics and the Implications for Public Policy](https://support.digitalhusky.com/media/annotations/sorted/232/23295818/CHSBZCOP0323295818.jpg)
For over 50 years economists have argued that where private costs or benefits differ from social costs or benefits - in noise, smells, congestion, pollution of the environment - there is a 'clear case' for government intervention to correct the divergence. This argument has been used to justify almost endless intervention. However, the original analysts of social costs/benefits were led into error by failing to test their propositions against ...