Adaptive aspirations and cognitive individual wellbeing some implications

Differentiates economic welfare from general welfare and demonstrates mathematically the welfareindeterminacy of economic growth. Goes on to show that the Pareto criterion also fails to identify changes in social welfare, proposes a new social Pareto criterion and considers its implications for income redistribution policies. Argues that the related theoretical problems result from the assumption of an asymmetrical value function and puts forward an alternative idea an asymmetric but rotating value function to resolve this and properly measure the welfare effects of income redistribution.