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 inco...

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Veröffentlicht in:	Managerial finance 1999-03, Vol.25 (3/4), p.53-65
Hauptverfasser:	Ansari, Mohammed, Roufagalas, John
Format:	Artikel
Sprache:	eng
Schlagworte:	Economic theory Income Pareto analysis Welfare
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description	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.
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issn	0307-4358
language	eng
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source	Emerald Journals; Standard: Emerald eJournal Premier Collection
subjects	Economic theory Income Pareto analysis Welfare
title	Adaptive aspirations and cognitive individual wellbeing some implications
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