Kaldor on Welfare

J de V Graaff

Cambridge Journal of Economics, 1989, vol. 13, issue 1, 19-23

Abstract: Nicholas Kaldor's contribution to welfare economics is assessed. His compensation test is best regarded as a test of economic efficiency. To guard against contradiction, the possibility of compensation must be calculated in an imaginary economy constrained by a production function contracted in output space. Rough rules of thumb are available to aid the calculation. Copyright 1989 by Oxford University Press.

Date: 1989
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