Welfare economics is a very important branch of economic theory. This is the first book in welfare economics to be primarily intended for undergraduates and non-specialists.This book is concerned with the familiarization of learners with some basic concepts of welfare economics, microeconomics, and public economics. They include welfare economics and its evolution from classical economists like Adam Smith to Arrow. Controversy regarding the place of value judgment in economics and the discussion of concepts like Pigovian and Paretian welfare economics.
The book also examines Individual Welfare and Social Welfare, Value Judgment in Welfare Economics, GNP and Welfare Criterion, Pareto Criterion, Pareto Optimality and Perfect Competition, Pareto Optimality, Monopoly and Imperfect Competition, Pigovian Utilitarian Analysis, Social Welfare Function, Arrow’s Impossibility Theorem, Samuelson’s and Bergson’s Social Welfare Function, Marshallian Welfare Economics, Prof. Hicks, A.C. Pigou’s Economics of Welfare, Compensation Criteria, Scitovsky Paradox, Socialism and Welfare, Theory of the Second-Best, welfare aspects of gains from trade, Optimum Tariff, Welfare Effect of Direct and Indirect Taxes, Marginal Cost Pricing, Cost-Benefit Analysis, Private, Social Costs and Returns, Sen’s Liberal Paradox, Single-Peaked Domains, Rawls Theory of Justice, Externalities, Coase Theorem, Welfare-Maximising State and Optimum Resources Allocation under Capitalism and Socialism.
It has organised into 41 chapters.Multiple choice questions carefully selected from University have also given at the end of thebook along with the brief hints.It covers the syllabi prescribed by all the Indian universities in theWelfare Economicsfor the degree and the postgraduate classes. However, the book is also useful for graduate students and professionals, economists and non-economists, who want an overview of welfare and social choice results unburdened by detail and mathematical complexity.As such, the book is also useful to students, researchers, industrialists, policy makers, practitioners and consultants. This book covers very easy and modest language, which will be understood by the students of all the levels. Hope that every reader will enjoy reading this book. Any recommendation to further improve its matters is most welcome.