As tools of real-world policy analysis, social welfare functions have been subjected to severe criticism’. Discuss with extensive reference to the literature on theoretical welfare economics, including Arrow's famous Impossibility Theorem

Assignment 1
Value: ECON428: 15% of assessment
Word Length: 2000 words
Submission Date: 20 March 2015
Topic:
(a) ‘Social welfare functions embody a normative conception
of the relative importance of equity and efficiency’. With the aid
of diagrams, illustrate and explain this proposition.
(b) ‘As tools of real-world policy analysis, social welfare
functions have been subjected to severe criticism’. Discuss with
extensive reference to the literature on theoretical welfare
economics, including Arrow’s famous Impossibility Theorem.
(a) And (b) carry equal marks.
(a) And (b) should each be 1,000 words in length.
Students must consult and cite at least six scholarly literature sources
other than the textbook in this essay.
Prescribed Text
Friedman, L.S. (2002). The Microeconomics of Public
Policy Analysis. Princeton: Princeton University Press.
ISBN: 9780691089348
Textbook information, including options for purchasing
the text, is available at http://www.une.edu.au/currentstudents/
resources/academic-resources/textbooks

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