The General Theory of Second Best
Abstract
R. G. Lipsey, Kelvin Lancaster; The General Theory of Second Best 1, The Review of Economic Studies, Volume 24, Issue 1, 1 January 1956, Pages 11–32, https://do
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Monopsony-like labour markets and market failures mean that government social insurance and income support can sometimes produce more efficient outcomes.
“However, monopsony-like conditions in labour markets, as well as market failures and inefficiencies in the private provision of public goods, mean that government intervention in the form of social insurance and income support can sometimes result in more efficient outcomes (Diamond 1977; Lipsey and Lancaster 1956).”
From Public Policy in a Time of Crisis: A Framework for Evaluating Canada’s COVID-19 Income Support Programs (2021) · cites this paper as Lipsey and Lancaster 1956
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Policy design for the Anthropocene
Sterner, T., Barbier, E. B., Bateman, I., van den Bijgaart, I., Crépin, A.-S., Edenhofer, O., Fischer, C., Habla, W., Hassler, J., Johansson-Stenman, O., et al. (2019) · Nature Sustainability · doi:10.1038/s41893-018-0194-x · Cited by 271 · see citing works
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The Role of International Carbon Offsets in a Second-Best Climate Policy: A Numerical Evaluation
De Cian, E., & Tavoni, M. (2010) · doi:10.2139/ssrn.1594699 · Cited by 51 · see citing works
Koebel, K., Pohler, D., Gomez, R., & Mohan, A. (2021) · Canadian Public Policy · doi:10.3138/cpp.2020-117 · Cited by 16 · see citing works
- Authors
- Lipsey, R. G., & Lancaster, K.
- ORCID
- Lipsey, R. G.
- Venue
- The Review of Economic Studies
- Publisher
- Oxford University Press (OUP)
- Published
- 1956
- Volume
- 24
- Issue
- 1
- Pages
- 11
- ISSN
- 0034-6527 (ISSN-L)
- OpenAlex
- W4237655977
- Cited by
- 2,057
- References
- 0
- Citations by year
- 2026: 58 · 2025: 112 · 2024: 91 · 2023: 78 · 2022: 82 · 2021: 95 · 2020: 96 · 2019: 123 · 2018: 64 · 2017: 100 · 2016: 67 · 2015: 51 · 2014: 63 · 2013: 67 · 2012: 57
- FWCI
- 0.00
- Type
- journal article
- Language
- en
- Open access
- closed
- Locations
- The Review of Economic Studies (publishedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- Topics
- Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Economic theories and models
- Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Economic Theory and Institutions
- Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Economic Policies and Impacts
- Keywords
- partial efficiency, market failure, welfare economics, externalities
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