School of Economics | Maximum Welfare Principle
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13 Feb

Posted at 00:18h in SOE by
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Introduction To Maximum Welfare Principle ↓   Richard Musgrave designates Dalton's Principle of 'Maximum Social Advantage' as the 'Maximum Welfare Principle of Budget Determination'.   According to Musgrave, Dalton has proposed two principles of budget policy. The first is that resources should be distributed among different directions in such a way as to...