Question

analyze A.C pigou's contributions as a founder of welfare economics​

Answer 1

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ANSWER..

Prof. Pigou had a dual criterion for detecting the increase in social welfare. First, he measured the economic welfare of the society in money value and thus, given the supply of resources, an increase in national dividend meant an increase in social welfare.

Second, Pigou favoured an income equalisation policy and therefore, reorganization of the economy which increases the share of the poor without offsetting adversely “productive effort enterprise and development of capital equipment was to be taken as a gain in social welfare.”..

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