In conducting a rational analysis of public policy, it is very important to quantify the extent of costs and benefits to individuals resulting from changes in taxes and the price level. Economists seek to provide a money measure of the changing welfare facing different types of individuals. There has been a great deal of research activity in this central area of economics in recent years.Economic Welfare: Concepts and Measurement is a two volume collection of the most important previously published papers on economic welfare, supplemented by a lengthy introduction by the editor which defines the basic concepts and places the contributions in context.

Topics covered include: the basic concepts of welfare change and excess burden; approximations and marginal changes; marginal welfare cost and cost of funds; empirical measurement.