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
- Citar trabajo
- IRSHAD CV (Autor), 2016, Five Theories of Welfare Economics. An Evaluation, Múnich, GRIN Verlag, https://www.grin.com/document/336546
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