Antoinette Baujard (GATE L-SE, Université de Lyon, France) has recently published online a working paper entitled “Welfare Economics“. Forthcoming in Gilbert Faccarello and Heinz Kurz Eds. Handbook of the History of Economic Analysis, Vol.3: Developments in Major Fields of Economics. Edward Elgar Publishing Limited, Cheltenham (U.K.).
Abstract: This paper presents the Paretian Watershed and the fundamental theorems of welfare economics. It distinguishes the British approach (à la Kaldor-Hicks) from the American approach (à la Bergson-Samuelson) to new welfare economics. It develops the more recent domains of happiness economics, the comparative approach by Amartya Sen, and the theory of fair allocation by Marc Fleurbaey.
Keywords: Welfare economics, Kaldor-Hicks, Social Welfare Function, Pareto, comparative approach, happiness economics, fair allocation.
JEL Classification: B2, D6.