This book develops economic welfare theory in the context of application to public policy questions. The authors’ view is that knowledge of applied welfare theory is essential to the provision of useful and appropriate policy information. Moreover, empirical work by applied economists must be guided by the considerations of economic theory as well as the empirical possibilities suggested by econometric theory and data availability. This book provides a thorough review of economic welfare theory and illustrates how this theory can be employed to obtain policy and project evaluation information in the areas
of international trade, the economics of technological change, agricultural economics, and environmental and natural resource economics, just to name a few.