Abstract: Welfare Economics is concerned with allocative and social efficiency which is the evaluation of alternative economic situations from the point of view of the society’s well being. This review attempts to look at the various criteria of social welfare that have been suggested by economists at different times, these include; Growth of GNP as a Criterion of Welfare, Bentham’s Criterion, a Cardinalist Criterion, the Pareto-Optimality Criterion, the Kaldor-Hicks ‘Compensation Criterion’ and the Bergson Criterion: the Social Welfare Function.
Keywords: Welfare, Well-Being, Equilibrium, Utility, Exchange, Economy, Production.
Title: Welfare and Social Welfare Maximization: A Review
Author: Idisi P.O, Ogwu I.J, Allah-kayi A, M.
International Journal of Social Science and Humanities Research
ISSN 2348-3156 (Print), ISSN 2348-3164 (online)
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