Arrange the following Criteria of Social Welfare from latest to earliest:A.Parato Optimality Criterion…
Jeremy Bentham's utilitarian criterion (the greatest happiness of the greatest number) dates from 1789, Vilfredo Pareto's optimality criterion from the early 1900s (Manual…
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A.Parato Optimality Criterion B.Bergson Criterion C.Kaldor-Hicks Compensation Criterion D.Bentham Criterion
Answer and explanation
Correct answer A
Jeremy Bentham's utilitarian criterion (the greatest happiness of the greatest number) dates from 1789, Vilfredo Pareto's optimality criterion from the early 1900s (Manual of Political Economy, 1906), Abram Bergson's social welfare function from 1938 and the Kaldor–Hicks compensation criterion from 1939. From latest to earliest this is Kaldor–Hicks, Bergson, Pareto, Bentham. Bergson's function came a year before the Kaldor–Hicks test, so sequences beginning with Bergson or Pareto are wrong.
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UGC NET Economics