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Welfare Economics / Module 4: Paretian Welfare Economics

Students need to study:
  • Pareto Optimality
  • Optimum Exchange Conditions
  • The Production Optimum
  • The Consumption Optimum
  • Concept of Contract Curve
  • Top Level Optimum
  • Infinite Number of Non-comparable Optima vs Unique Social Optimum
  • Compensation Criteria
  • Contributions of Barone, Kaldor and Hicks
  • The Scitovsky Double Criterion
  • Concept of Community Indifference Map
  • Samuelson's Utility Possibility Curve
  • Value Judgments and Welfare Economics
  • Bergson's Social Welfare Function
  • Arrow's Impossibility Theorem
  • Welfare and General Equilibrium
  • Pareto-Optimality and Market Equilibrium

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