Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/313109 
Authors: 
Year of Publication: 
2025
Series/Report no.: 
CHOPE Working Paper No. 2025-01
Publisher: 
Duke University, Center for the History of Political Economy (CHOPE), Durham, NC
Abstract: 
In welfare economics, the theory of second best is inextricably linked to an article by Richard George Lipsey and Kelvin John Lancaster, published in 1956 in the Review of Economic Studies. The publication of this article was encouraged by Harry Gordon Johnson, who was a member of the journal's editorial board at the time. Over the years, these three economists have reflected on the origins of this article. While their accounts share common elements, they also diverge significantly, particularly regarding the allocation of scientific credit. This note seeks to compare their accounts, to provide context about the intellectual environment surrounding the article's conception and to highlight the relationships between these three economists.
Subjects: 
Second Best
Kelvin John Lancaster
Richard George Lipsey
Harry Gordon Johnson
JEL: 
B21
D04
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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