By I. M. D. Little
First released in 1950, this ebook used to be concerned about the exposition, feedback, and appreciation of the speculation of monetary welfare because it were built to that date. Now reissued, Little has further a brand new retrospective preface during which he assesses the contribution the ebook made within the mild of next literature within the quarter.
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89. The phrase 'real income' is ambiguous. The sense of the word 'real' in the phrase differs according to the context in which it is used. If one says 'the real income of the community is the flow of goods and services produced', the force of the word 'real' lies in its reference to things useful for their own sake (as opposed to money). If, on the other hand, knowing that a man's money income has increased, one asks whether his real income has increased, then one is asking, in effect, whether he is better off.
The abstract concept 'good' can only be applied to things in the real world if it is true that more things give more satisfaction than fewer things. Starting from the new point Z we then go through exactly the same procedure as before, and draw a second indifference curve through this point. This new indifference curve cannot cut the old one. Why ? In Fig. I it has been drawn so as to cut it at a point B. Our consumer is now indifferent between Z and By and between B and A. But indifference was defined as a transitive relation.
No. i, Jan. 1949. I am indebted to Mr. J. Durbin of Cambridge for pointing out some mistakes in the article. 16 THE ANALYSIS OF CONSUMERS' BEHAVIOUR he is indifferent between B and C, C and Z), and so on. In other words, it is assumed that indifference is a transitive relation. This means that if a person is indifferent between A and B, and between B and C, then he must be indifferent between A and C. 1 Now give the consumer a little more Y. This brings him to a new point Z, which, let us say, represents jX and 8 Y whereas A represented yX and jY.
A Critique of Welfare Economics by I. M. D. Little