The concept of social optimum was introduced in Welfare Economics by

Related MCQs

• The concept of ‘Social Welfare Function’ was propounded by A. Bergson in his article ‘A Reformulation of Certain Aspects of Welfare Economics’ published in the year 1938
• A famous welfare economics book called, “Economics of Welfare” was written by
• The concept of Social Welfare function was firstly introduced by
• Who defines economic welfare as “that part of social (general) welfare that can be brought directly or indirectly into relation with the measuring rod of money.”
• The Fundamental Theorem of Welfare Economics:
• Welfare Economics is generally accepted as
• In Pareto welfare economics, Efficiency of distribution of commodities among consumers is related to
• In Pareto welfare economics, Efficiency in the allocation of factors among commodities is related to
• In Pareto welfare economics, Efficiency of the allocation of factors among firms is related to
• According to Kaldor-Hicks compensation criteria, the proposed change will increase the social welfare if