THE MYTH OF SOCIAL COST.pdf - Institute of Economic Affairs
THE MYTH OF SOCIAL COST.pdf - Institute of Economic Affairs
THE MYTH OF SOCIAL COST.pdf - Institute of Economic Affairs
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S. N. S. CHEUNG<br />
tion, 1 and a growing recognition <strong>of</strong> the importance <strong>of</strong> the<br />
analyses <strong>of</strong> government behaviour in the theory <strong>of</strong> public<br />
choice, the economics <strong>of</strong> politics, presage a new momentum in<br />
the development <strong>of</strong> economics, particularly in industrial organisation,<br />
public choice, and economic history. Although it lags<br />
by half a century behind Pr<strong>of</strong>essor Pigou's pioneering works on<br />
social cost, the trend is encouraging.<br />
1 [The main elements in the new direction in economics are indicated and analysed<br />
in The <strong>Economic</strong>s <strong>of</strong> Politics, Readings 18, IEA, 1978.—ED.]<br />
[68]
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