Aggregate Welfare Distortions and Foundations of Economic Policy

23 Pages Posted: 18 May 2020

See all articles by Indrajit Mallick

Indrajit Mallick

Centre for Studies in Social Sciences Calcutta

Date Written: March 01, 2020

Abstract

The basic objectives of any aggregate welfare program are threefold: efficiency, equity and stability. In this paper, I discuss how constraints are imposed in a natural way over these conditions such that aggregate welfare distortions arise. There are three mitigating forces, namely: fiscal policy, monetary policy and regulatory policy. These are characterized from context to context.

Keywords: Incomplete Markets, Incomplete Participation, Finance, Fiscal Policy, Monetary Policy

JEL Classification: O, H, P

Suggested Citation

Mallick, Indrajit, Aggregate Welfare Distortions and Foundations of Economic Policy (March 01, 2020). Available at SSRN: https://ssrn.com/abstract=3581637 or http://dx.doi.org/10.2139/ssrn.3581637

Indrajit Mallick (Contact Author)

Centre for Studies in Social Sciences Calcutta ( email )

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