Question
Discuss the approaches adopted by Pigou and Pareto for analyzing the problem of welfare economics.
Answer :
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Pigou in the book " The Economics of Welfare" (1932) coined the concept of social indicators (economic) well-being. He introduced the quality of life indicators - environmental conditions, recreation, access to education, public order, health care and more. He believed that the optimum well-being is possible only if state interventions in the process of resources usage and income distribution and emphasized that economic prosperity is is not interchangeable
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