This article presents arguments by Willig (1976) and Hausman (1981) who compared Marshall’s and Hicks’s methods for measuring welfare changes due to price shifts. While both considered Hicks’s method to be superior, Willig argued that the two approaches result in very similar estimates of consumer surplus for goods that both i) account for a small share of total expenditure, and ii) have a small income elasticity of demand. Hausman challenged Willig’s conclusion by showing

Jovanovic et al (2005) analyzed the impact of two general-purpose technologies (GPTs) on the US economy: electricity and information...

Alfred Marshall’s derivation of ‘consumer surplus’ in his book ‘Principles of Economics’, was one of the first attempts by economists to...

Iatrides and Rizopoulos (2000) argue that the communists’ defeat in the Greek Civil War (1942-1949) was generally the result of the...

In his 1994 paper, Avner Greif detected systematic cultural differences between two medieval trading societies: the ‘collectivist’...

Xu (2019) distinguishes between three historic world food regimes: the period when the UK was the world’s major food importer...

Starting in the 1970s, neoliberalism and deregulation began to rear their head, leading to the rollback of government under Thatcherism...

Working on data on the institutions in the antiquity, Roland(2018) distinguishes them into two institutional clusters resulting in either...