M.A. [ Economics] NALANDA OPEN UNIVERSITY QUESTION(2011) Part- II, Paper-IX (Welfare Economics)

M.A. [ Economics]  NALANDA OPEN UNIVERSITY QUESTION(2011) Part- II, Paper-IX (Welfare Economics)

                                                                                2011
                                                                         Full Marks: 80
                                                                         Time: 3 hours
                                          Answer any Five questions. All questions carry equal marks.

1. " By propounding the theory of maximum welfare Bentham laid the foundation of Welfare economics ." Discuss.

2. Explain with the help of diagram how Prof. Hicks reformulated the concept of consumers surplus?

3. How can optimum point suggested by Pareto can be achieved in consumption and production?

4. Explain critically the Kaldor- Hicks views about improving general welfare.

5. Critically explain Arrow's impossibility  theorem.

6. What do you mean by externalities of production and consumption? Express your views.

7. Explain the views of Pigou on welfare. What are the criticisms against it?

8. What do you mean by cost- benefit analysis? Where it is needed?

9. What is the concept of consumers surplus of Marshall ? Describe its assumptions. Are these assumptions realistic?

10. Analyze the views of Bentham with regard to uniform income and income distribution.

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