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Week 4: Welfare economics (Vilfredo Pareto (1848-1923)-Biography…
Week 4: Welfare economics
Predecessors:
welfare eco: maximization of social wellbeing
Earlier economists:
Jeremy Bentham – Utilitarianism
Alfred Marshall
Adam Smith
This week:
Vilfredo Pareto
Arthur Pigou
Bentham(1748-1832)
-biography
Studied at Oxford
Classical economist
Visit him at University College London!
Bentham-utilitarianism
Money as measure of happiness
--> Decreasing marginal utility of mone
y (Basis for marginalize theory of demand)
No pure laissez-fair
--> Government intervention sometimes desired
Utilitarianism = promote the greatest happiness for the
greatest number of people
Vilfredo Pareto (1848-1923)-Biography
Professor at University of Lausanne --> Succeeded Walras
General equilibrium approach
Attended University of Turin
Works:
Manual of Political Economy (1906)