Abstract
‘Social welfare function’ is a concept of fundamental importance in welfare economics. No proposition about any kind of optimality in the economic arrangements of a society can be formulated without explicitly or implicitly relying on some social welfare function or other. Yet it is not immediately obvious what the concept of a social welfare function means.
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© 1973 S. K. Nath
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Nath, S.K. (1973). Concepts of Optimality. In: A Perspective of Welfare Economics. Macmillan Studies in Economics. Palgrave, London. https://doi.org/10.1007/978-1-349-01034-9_2
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DOI: https://doi.org/10.1007/978-1-349-01034-9_2
Publisher Name: Palgrave, London
Print ISBN: 978-0-333-11865-8
Online ISBN: 978-1-349-01034-9
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