Welfare Criteria

Welfare Criteria From the above discussion we can deduce some criteria for welfare judgments.  These criteria enable  he economists to make welfare Compartmentalization is to  aye whether welfare has been increased or decreased   whether it has been  maximized The...

Little’s Criterion

Little’s Criterion According to Prof. I.M.D. Lillie neither the Waldorf Hick’s test nor the Tsiolkovsky’s double test can be taken as a criterion of welfare. He develops a new welfare criterion  which is based on two value premises. First that an...

Compensation Principle

Compensation Principle A notable advance in welfare economics since Pareto has been the Compensation principle. which is associated generally with the names of Waldorf Hicks and Tchaikovsky Assumptions. The important assumptions on which this principle is based re as...

Conditions of Partisan Optimum

Conditions of Partisan Optimum The conditions of Partisan optimum are given below of products to be optimal must be such as to make it  impossible for any pair of individuals to exchange any quantity of any pair of co user goods reselling in increase in one...

Pareto’s Welfare Criterion

Pareto’s Welfare Criterion Italian economist Wilfredo Pareto has laid down  the conditions for mismanaging  social welfare or for  achieving a social optimum A Partisan optimum refers  to a  situation in which it is impossible to make  anyone better off without...