Abstract: The paper reviewed approaches to the measure of social welfare. Secondary data was used to review the various measure of social welfare with emphasis on cardinalist approach. From the review it was found that the approach had some obvious flaws such as the assumption of constant marginal utility of money concept defies the current reality since utility of money changes as the value of the money changes and the rather rapidly sometimes. The paper also posits that social welfare analysis can be applied in Policy Evaluation and Social Cost of Living among others.
Keywords: cardinalist approach, social welfare, utility.
Title: CARDINALIST APPROACH AS A MEASURE OF SOCIAL WELFARE
Author: P.O. IDISI, I.J OGWU, L. A. UKPOJU
International Journal of Management and Commerce Innovations
ISSN 2348-7585 (Online)
Research Publish Journals
