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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, 32 (1). pp. 1-15. ISSN 1053-5357

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Abstract

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.

Item Type: Article
Uncontrolled Keywords: ResPubID5402, welfare, social choice, GDP, systems analysis, cost-benefit analysis
Subjects: Faculty/School/Research Centre/Department > Centre for Strategic Economic Studies (CSES)
FOR Classification > 1401 Economic Theory
Depositing User: VUIR
Date Deposited: 19 Apr 2011 06:42
Last Modified: 04 Mar 2015 22:45
URI: http://vuir.vu.edu.au/id/eprint/2393
DOI: 10.1016/S1053-5357(03)00010-6
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Citations in Scopus: 8 - View on Scopus

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