Measuring social welfare: application of social choice theory

Clarke, Matthew and Islam, Sardar M. N. 2003, Measuring social welfare: application of social choice theory, Journal of socio-economics, vol. 32, no. 1, pp. 1-15, doi: 10.1016/S1053-5357(03)00010-6.

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Title Measuring social welfare: application of social choice theory
Author(s) Clarke, Matthew
Islam, Sardar M. N.
Journal name Journal of socio-economics
Volume number 32
Issue number 1
Start page 1
End page 15
Publisher Elsevier BV, North-Holland
Place of publication Netherlands
Publication date 2003-03
ISSN 1053-5357
Keyword(s) Welfare
Social choice
Systems analysis
Cost-benefit analysis
Summary This paper questions conventional approaches to measuring social welfare through gross domestic product (GDP). This paper is divided into two parts. The first part adopts a systems approach to development and incorporates this into the theory of social choice. The second part operationalises this approach through the development of a cost-benefit adjusted gross domestic product (CBAGDP) social welfare function, which overcomes certain limitations of this traditional measure of development. The CBAGDP is then used to estimate welfare in Thailand. This approach is justified because of its normative values and its plausible results.
Notes Available online 28 February 2003
Language eng
DOI 10.1016/S1053-5357(03)00010-6
Field of Research 140202 Economic Development and Growth
Socio Economic Objective 0 Not Applicable
HERDC Research category C1.1 Refereed article in a scholarly journal
Copyright notice ©Elsevier Science Inc. 2003
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