Research note: An Overview of the Traditional Discussion on Methodology of Quantitative Measurement of Economic Welfare

Degree of consumer satisfaction and economic welfare may fall under the category of subjective consumer psychology, and there is no way for a third party to directly observe or measure them quantitatively. Discussions about quantitative methodology of measuring changes in economic welfare using monetary scales have been going on for a long time. One of the representative examples is Dupuis and Marshall’s consumer surplus. As for the theory of consumer surplus, significant operability has been pointed out as an advantage, as consumer surplus can be easily estimated directly from actual market data. On the other hand, these arguments faced many criticisms from a pure theoretical perspective. Later, as an alternative to consumer surplus, the concepts of Compensating Variation (CV) and Equivalent Variation (EV) were proposed by Sir John Richard Hicks. Although Hicksian CV and EV are said to have higher theoretical qualifications than Marshallian consumer surplus, they are based on Hicksian demand function, which is difficult to measure from actual market data. Therefore, it has been pointed out that it is seriously lacking in operability. This paper provides an overview of the traditional debate surrounding the quantitative methodology of the measurement of economic welfare

A Note on the Walrasian Economics and the Peripherals

The so-called marginal revolution in economics took place in the 1870s. In particular, it has been longly advocated that the three Marginal Revolutionary Musketeers are Marie-Esprit-Léon Walras, William Stanley Jevons and Carl Menger. However, these three are not the only economists who have built neoclassical economics based on the marginal principle. Its pioneers can be found dating back to Italy in the 16th century. The purpose of this paper is to give a birdʼs-eye view of the academic activities of various researchers who have colored the surrounding academic environment in a brief, while giving an overview focusing on the academic achievements of Walras as the one of those who led to the marginal revolution

Issues in Japanese University English Language Program Development

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An Examination of the Development of Hawaiian Pidgin and Hawaiian Creole

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Promoting Negotiation of Meaning and Pushed Output in Japanese University EFL Classrooms

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