Print Friendly, PDF & Email

ECONOMICS – Daily Answer Writing Challenge

Question 1

 What according to Arrow, are the axioms required for translating individual preference into social preferences? Why is it impossible to construct social preferences satisfying those axioms? (200 words/ CSM-2009)

Question 2

“Subjective approach to taxation leads to least aggregate sacrifice principle”. Elucidate. Also give the limitations of this principle.(200 words/ CSM-2009)