SOCIAL WELFARE FUNCTION |BERGSON-SAMUELSON |CONSTRAINED BLISS | NEW WELFARE ECONOMICS |

SOCIAL WELFARE FUNCTION |BERGSON-SAMUELSON |CONSTRAINED BLISS | WELFARE ECONOMICS |
This concept was firstly given by A Bergson in his research paper "A Reformulation of Certain Aspects of Welfare Economics" and then by PA Samuelson in his scholarly paper "Social in indifference curves" in 1956. Both the papers were published in Quarterly Journal of Economics. They used Ordinal preferences of the individuals and involves the explicit judgement while developing Social Welfare Function.
The SWF then is:
W = f(UI, UII).
Properties of SWF
1)It involves the interpersonal comparison of utility and the explicit value judgement.
2) Ordinal Util
3) Specific set of value judgments creates specific welfare Function.
4) The optimum magnitude of welfare can be reached.
With the help of Social indifference curves (SIC)(a SIC gives the various combinations of utilities of the two individuals that comprise the society, that result in the same level of social welfare) and Grand Utility Frontier(GUPF is derived by Production possibility curve), we can reach the point of Constrained bliss.
It is determined by the tengency of SIC & GUPF. At this point there will be no conflict b/w equity and economic efficiency.
Concluding one may say that it is a brilliant theoretical construction and a distinct improvement upon the earlier analysis of welfare.
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[@sharmaacademy6206]

Mam notes please

[@harshrajgautam8512]

You are great mam 😊

[@babbaljeetkaurdhaliwal9270]

Thankyou mam for make the concept easy ❤❤🎉🎉

[@economicswithkusummaheshwa926]

Most welcome 🤗

[@Aashna871]

new subscriber
Mam ur way of teaching is awesome....
Plz upload lectures for ugc net economics

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Stay blessed & stay connected:-)

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Nice explanation mam

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Awesome mam plzz continue the series and kindly start growth and development as well

[@economicswithkusummaheshwa926]

Sure....☺️

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