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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 315
house for homeless may be much more intensive. Arrow’s fourth axiom ignores this fact, although there
is no measure of feeling.
Despite these shortcomings, however, Arrow’s contribution is regarded as an important addition to
economists’ analytical tools.
GRAND UTILITY POSSIBILITY FRONTIER AND WELFARE
MAXIMIZATION
Another important contribution to welfare analysis of Pareto tradition was made by F.M. Bator.
11
He has
combined the concept of social welfare function with Pareto’s optimality condition in production and
consumption to arrive at the point of bliss, i.e. the point of optimum optimorum. Assuming that there ...
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Publisher Resources

ISBN: 9788131797655