Five Theories of Welfare Economics. An Evaluation

Term Paper , 2016 , 13 Pages

Economy - Health Economics

This is a collective analysis of five major economic theories of welfare. Here each of the theories is explained separately in a brief manner. The diagrammatic representation is also used here to understand the concepts easily. Further an evaluation of each theory has also been provided along with the discussion. This note includes the following five welfare economic theories.

1) Pareto Optimality;
2) Kaldor-Hicks Compensation Criterion;
3) Social Welfare Function of Bergson and Samuelsson;
4) Scitovisky Criterion; and
5) Amartya Sen’s Theory of Welfare.

Contents

Contents

Preface

Introduction

Theories of Welfare Economics

1) Pareto Optimality
2) Kaldor-Hicks Compensation Criterion
3) Scitovsky Double Criterion
4) Social Welfare Function of Bergson and Samuelsson
5) Amartya Sen’s View on Social Welfare

Concluding Remarks

References

• Author: IRSHAD CV (Author)
• Publication Year: 2016
• Pages: 13
• Catalog Number: V336546
• ISBN (eBook): 9783668297340
• ISBN (Book): 9783668297357
• Language: English
• Tags: welfare economics, amartya sen, scitovisky, kaldor-hicks compensation criterion, pareto optimality, social welfare function