NTA-NET (UGC-NET) Economics & Development (01) Micro-Economic Analysis-Efficiency Criteria Study Material (Page 1 of 1)

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Nicholas Kaldor-Hicks

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Nicholas Kaldor-Hicks

Nicholas Kaldor was the first economist to give a welfare criterion based on compensation payments.

  • According to Kaldor՚s welfare criterion, if a certain change in economic organization or policy makes some people better off and others worse off, then that change will increase social welfare if those who gain from the change would compensate the losers and still be better off than before.
  • Prof. J. R. Hicks supported Kaldor for employing compensation principle to evaluate the change in social welf…

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Pareto Optimality: Marginal Conditions of Pareto Optimality

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  • Pareto was the first who gave the traditional approach to social welfare in two important ways. Firstly, he rejected the notion of Cardinal utility and the additivity in its nature and secondly, he was the one who detached welfare economics from the interpersonal comparison of utilities.
  • Pareto o…

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