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The ‘Rawlsianism’ approach to social welfare improvement is based on a ‘Pareto improvement’ principle. Do you agree? Explain.
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- Do you think Pareto Efficiency is enough to explain welfare economics?9There are three popular types of social welfare functions. Benthamite Social Welfare Function - W (u,, uz, --- Un) = Eu Egalitarian Social Welfare Function - W(u,uz, Un) = E,u-1E(u- min(u)) Rawlsian Social Welfare Function - W(u,, u, .u) = min(u) Select two values of 2 in the Egalitarian Social Welfare Function such that it becomes equivalent to the Benthamite Function and Rawlsian Function respectively. (Note: Make sure that the first value in the option corresponds to Benthamite and second value corresponds to Rawlsian.) ON, 1/N O0, 1 01.0 O0.33, 0.67 O0.67,0.33Discuss the first and second fundamental theory of Welfare Economics.
- State the first and second fundamental theorem of welfare economics and outline the fundamental differences in the two theorems.A new policy is expected to generate £5,000 of benefits and £3,000 of costs. In terms of the effect on social welfare, this change can best be described as: equitable. inefficient. fair. a potential Pareto improvement. Pareto efficient. O O O O OHow Bergson-Samuelson Social Welfare Function used in a model that considers a society's desire for both Pareto optimality and fairness, Mention all necessary assumptions and specify the conditions that ensure a general equilibrium and social welfare
- What is "Pareto Efficiency"? This is a key concept in welfare economics. Write at least a paragraph to describe this concept and give some examples.Compare and contrast Pigouvian welfare economics and Paretian Welfare economics.There are two communities of 100 indivuduals. In community A, everyone’s utility is 1. In community B, utility of one individual is 0, 98 individuals have a utility of 1 each, and utility of one individual is 10. What is the value of the utilitarian social welfare function for each community. From a utilitarian standpoint, which community has a higher level of collective welfare?
- According to Kenneth Arrow, there are minimum conditions to which a social choice rule (constitution) needs to conform to in order to be ethically acceptable. Explain these conditions. Does majority decisions rule conform to Arrows conditions?Indicate whether the following statements are True or False. Support your answer with an explanation or a diagram. The First Fundamental Theorem of Welfare Economics states that the competitive equilibrium, where supply equals demand, can always be achieved through government intervention. A utilitarian social welfare function implies that income redistribution reduces social welfareWhat is meant by the concept "distributive justice?" What is the utilitarian theory of distributive justice? Why are utilitarians generally in favor of increased worker participation and decreasing economic inequality?