Answer the questions after reading the instructions with the attachment file> 1.What criteria did you use to decide which areas received the most or least amount of the budget? What is….
Social welfare functions embody a normative conception of the relative importance of equity and efficiency
Value: ECON428: 15% of assessment
Word Length: 2000 words
Submission Date: 20 March 2015
(a) ‘Social welfare functions embody a normative conception
of the relative importance of equity and efficiency’. With the aid
of diagrams, illustrate and explain this proposition.
(b) ‘As tools of real-world policy analysis, social welfare
functions have been subjected to severe criticism’. Discuss with
extensive reference to the literature on theoretical welfare
economics, including Arrow’s famous Impossibility Theorem.
(a) And (b) carry equal marks.
(a) And (b) should each be 1,000 words in length.
Students must consult and cite at least six scholarly literature sources
other than the textbook in this essay.
Friedman, L.S. (2002). The Microeconomics of Public
Policy Analysis. Princeton: Princeton University Press.
Textbook information, including options for purchasing
the text, is available at http://www.une.edu.au/currentstudents/
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