IN CONTEXT
Welfare economics
Vilfredo Pareto (1848–1923)
1776 Adam Smith’s The Wealth of Nations relates self-interest to social welfare.
1871 British economist William Jevons says that value depends entirely on utility.
1874 French economist Léon Walras uses equations to determine the overall equilibrium of an economy.
1930–50 John Hicks, Paul Samuelson, and others use Pareto optimality as the basis of modern welfare economics.
1954 US economist Kenneth Arrow and French economist Gérard Debreu use mathematics to show a connection between free markets and Pareto optimality.
In the 19th century a group of British philosophers ...
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