The 'Compensation Criterion' which says that state A is socially preferable to state B, if those who gain from the change can compensate the loosers and yet end up with surplus welfare gain is attributed to:
N. Kaldor
Kaldor’s criterion calls a change a potential welfare improvement when the gainers could compensate all losers and still retain a net gain. Actual payment of compensation is not required by the test.
Important Questions from Economy
When goods are produced by exploiting natural resources, it is an activity associated with:
A system in which local farmers were allowed to cultivate temporarily within a plantation is known as:
Which goods from India dominated the international textile markets before the age of mechanized industries?
Which type of farming is practiced in areas of high population pressure on land?
The major economic attribute for comparing countries is their:
