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)








