Titlebook: Welfare Economics; Introduction and Dev Ng Yew-Kwang Textbook 1979Latest edition Yew-Kwang Ng 1979 income distribution.Social welfare.Welfa

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The Direction of Welfare Change: Welfare Criteria,vement. However, most policy changes make some individuals better off and some worse off. Can we still have a sufficient criterion for a social improvement? This is the issue of a welfare criterion which has caused a considerable amount of debate in the literature of welfare economics.

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Amenable

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Externality,ed by Fisher & Peterson, 1976). In this chapter, we shall see how the presence of external effects may cause non-optimality and how this can be alleviated. Before doing so, we shall first discuss the concept and classification of external effects.

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Pareto Optimality,ted with reference to Pareto optimality. This is so because the Pareto principle as a value judgement is widely acceptable, while other judgements involving interpersonal comparison of utility are more controversial. However, this does not mean that welfare economics has to be based on and only on t

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The Direction of Welfare Change: Welfare Criteria,vement. However, most policy changes make some individuals better off and some worse off. Can we still have a sufficient criterion for a social improvement? This is the issue of a welfare criterion which has caused a considerable amount of debate in the literature of welfare economics.