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 individual becomes better of If  he is enable to reach a position higher up on   order of choice. Secondly any  octal change that  makes everybody better off is a good change. In the words of Little his criterion can be stance as follows  A change is economically desirable II it result 10 a  good redistribution of welfare, and in’ a policy of redistributing money   by lump sum transfers could not

[av_button label='Get Any Economics Assignment Solved for US$ 55' link='manually,http://economicskey.com/buy-now' link_target='' color='red' custom_bg='#444444' custom_font='#ffffff' size='large' position='center' icon_select='yes' icon='ue859' font='entypo-fontello']

Share This