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What is Paretian vs Pigovian Welfare Analysis about?

This document discusses the Pigovian and Paretian approaches to welfare economics. The Pigovian approach assumes utility is measurable and aims to maximize aggregate social utility through the concept of "ideal output or allocation". This involves allocating resources so the marginal social net product is equal across all uses. However, costs and imperfect information can cause private and social returns to diverge, preventing the ideal allocation. The Paretian approach examines conditions for Pareto optima

Author

Mais Omer

Language

EN