An in-depth exploration of the Bergson-Samuelson Social Welfare Function, its historical context, applications in welfare economics, and its implications in policy-making.
The Compensation Principle, also known as the Hicks--Kaldor principle, assesses the beneficial nature of a change in resource allocation based on whether the gainers could potentially compensate the losers.
An in-depth exploration of the two fundamental theorems of welfare economics, which outline the efficiency properties of competitive equilibria, the conditions for decentralization, and their implications in economics.
Net Economic Welfare (NEW) is a concept that includes broader measures of economic well-being beyond just income per capita. It encompasses factors like the cost of effort, value of household production, depletion of natural resources, and changes in the natural environment.
Explore the concept of the Utility Possibility Frontier, a curve representing the maximum utility that two consumers can achieve from redistributing income.
