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Efficiency Criteria

  • Satish Kumar Jain
Chapter

Abstract

The chapter is concerned with the efficiency notions employed in economics. Pareto-efficiency and Kaldor-Hicks efficiency are discussed rigorously and in some detail. Implications of the acceptance of the value judgment of the Pareto-criterion are explored for the significance of the notions of Pareto-efficiency and Pareto-efficient institutions.

Keywords

Social State Binary Relation Social Choice Logical Difficulty Total Wealth 
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References

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Copyright information

© Springer India 2015

Authors and Affiliations

  • Satish Kumar Jain
    • 1
  1. 1.Centre for Economic Studies and PlanningJawaharlal Nehru UniversityNew DelhiIndia

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