Welfare Theory and Pareto Optimum Microeconomic Issues

Authors

  • Otilio Reyes Blanco Universidad de las Regiones Autónomas de la Costa Caribe Nicaragüense (URACCAN)
  • Oslund Rains Franklin Sam Universidad de las Regiones Autónomas de la Costa Caribe Nicaragüense (URACCAN)

DOI:

https://doi.org/10.5377/reice.v2i3.1457

Keywords:

wellbeing, preference, usefulness, multidimensional, society

Abstract

The objective of this paper is to base theoretically the difficulties in the definition and measurement of wellbeing. The investigation is centered in bibliographical and documental research such as reviewing, conceptual and theoretical analysis of different bibliography. Main Findings: Wellbeing is a difficult concept to define, due to subjective aspects that affects the individual and collective wellbeing. The application of the theory of wellbeing rationally leads to minimize the social inequality and establish a just measure of distribution of the limited resources. The concept of utility, in light of wellbeing as a relative concept, depends on the valuation that is assigned by each individual.

DOI: http://dx.doi.org/10.5377/reice.v2i3.1457

REICE Vol. 2, No. 3, enero-junio 2014; 217-234

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Published

2014-08-27

How to Cite

Blanco, O. R., & Franklin Sam, O. R. (2014). Welfare Theory and Pareto Optimum Microeconomic Issues. Revista Electrónica De Investigación En Ciencias Económicas, 2(3), 217–234. https://doi.org/10.5377/reice.v2i3.1457

Issue

Vol. 2 No. 3 (2014): enero - junio

Section

Academic Articles

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