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Microeconomics II
book

Microeconomics II

by D.N. Dwivedi
August 2011
Intermediate to advanced content levelIntermediate to advanced
368 pages
14h 51m
English
Pearson India
Content preview from Microeconomics II
New Welfare Economics 309
e new welfare economics is founded on the ‘compensation principle’. To understand compensation
principles, let us recall the Pareto criteria for welfare judgement. As noted above, according to Pareto
criterion, social welfare increases if reallocation of resources makes at least one individual better-o
without making any other individual worse-o. It is, however, dicult to imagine an economic change
or implementation of a policy measure that does not aect any individual adversely. In reality, most eco-
nomic changes make some people better-o and some worse-o, and gains and losses of the individuals
do not ...
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Publisher Resources

ISBN: 9788131797655