ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Impact of Prohibition on State Excise-Study of Four Southern States

Study of Four Southern States THE debate on whether economics is a science of wealth or a science of welfare can be traced to the time of Adam Smith and Alfred Marshall. The theory of welfare economics has rich literature analysing the ethical, moral and welfare dimensions of economic policies. The interrelationship between economic efficiency and ethics was given a rigorous theoretical and empirical foundation through the numerous works of renowned economists like Karl Polanyi, Fred Hirsch, Albert Hirschman, Amartya Sen and Kenneth J Arrow. It is now widely accepted that an effective economic policy demands serious consideration of its ethical and well arc implications also, though on several economic issues one may have difficulty in reconcilingeconomic targets with the ethical and moral targets. One such issue is that of resource mobilisation through excise tax revenue and its welfare implications.

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