Journey Through Economic Welfare Theories #ugcnet#shorts #ugcneteconomics #facts #exam

Theories of Welfare in economics chronological order
1.Classical Utilitarianism (Late 18th – 19th Century)-Jeremy Bentham, John Stuart Mill.
2. Pareto Efficiency / Pareto Optimality (1906 or Early 20th Century)Vilfredo Pareto
3. Pigovian Welfare Economics and Market Failures (1920)- Arthur Cecil Pigou
4. Bergson-Samuelson Social Welfare Function (1938–1947)-Abram Bergson, Paul Samuelson
5. Kaldor-Hicks Compensation Criteria (1939)- Nicholas Kaldor, John Hicks.
6. Arrow’s Impossibility Theorem (1951)-Kenneth Arrow.
7. Rawlsian Theory of Justice (1971)-John Rawls
8. Amartya Sen’s Capability Approach (1980s–present)-Amartya Sen
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