Arrange the following scholarly contributions in their chronological order starting from the oldest to latest:
(A) Kaldor-Hicks Compensation Criterion
(B) Bergson Social Welfare Function Criterion
(C) Rawls' Principle of Social Justice
(D) Pareto Optimality Criterion
Choose the correct answer from the options given below:
Arrange the following scholarly contributions in their chronological order starting from the oldest to latest:
(A) Kaldor-Hicks Compensation Criterion
(B) Bergson Social Welfare Function Criterion
(C) Rawls' Principle of Social Justice
(D) Pareto Optimality Criterion
Choose the correct answer from the options given below:
Show Hint
- (A), (B), (C), (D)
- (B), (A), (C), (D)
- (C), (B), (A), (D)
- (D), (C), (B), (A)
The Correct Option is A
Solution and Explanation
Step 1: Overview of the theories.
These contributions are part of welfare economics. Understanding their chronology is essential to understanding how the field evolved.
Step 2: Chronological Order of Contributions:
- (A) The Kaldor-Hicks Compensation Criterion was proposed first in 1939.
- (B) Bergson's Social Welfare Function was introduced in the 1950s.
- (C) Rawls' Principle of Social Justice was proposed in 1971.
- (D) Pareto Optimality Criterion was presented earlier, around the 19th century.
Step 3: Correct Order.
The correct order is: - First, Kaldor-Hicks Compensation Criterion (A). - Then, Bergson Social Welfare Function (B). - Followed by Rawls' Principle of Social Justice (C). - Finally, Pareto Optimality Criterion (D).
Step 4: Conclusion.
The correct order is (A), (B), (C), (D), so the correct answer is (1).
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Choose the correct answer from the options given below:
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