Abstract
* author is indebted to E. Philip Howrey of Princeton University for suggesting many improvements. Any remaining shortcomings are the responsibility of the author. 1 For a review of the extensive literature on the new welfare economics and the Pareto optimum, cf., for example W. J. Baumol, Welfare Economics and the Theory of the State (Cambridge, Mass., 1952); I. M. D. Little, A Critique of Welfare Economics (Oxford, 1957); M. W. Reder, Studies in the Theory of Welfare Economics (New York, 1947); T. Scitovsky, The State of Welfare Economics, American Economic Review, 41 (1951), pp. 303-15. 2 J. R. Hicks, The Valuation of Social Income, Economica, 7 (1940), pp. 163-72; The Valuation of Social Income-A comment on Professor Kuznets Reflections, Economica, 15 (1948), pp. 163-72; S. Kuznets, On the Valuation of Social Income-Reflections on Professor Hicks' Article, Economica, 15 (February and May, 1948), pp. 1-16, 116-31; I. M. D. Little, op. cit.; P. A. Samuelson, Evaluation of Real National Income, Oxford Economic Papers, 2 (1950), pp. 1-40. sequently, the scope of the welfare criterion is increased.
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