Welfare Economics

That branch of economics concerned with identifying the conditions that make for a good society and identifying changes in allocations of goods and services, or arrangements for allocating goods and services, that are better for society. In welfare economics, the noun 'society' is generally taken to encompass all adult rational individuals. How the separate 'welfares' of these individuals are 'added up' to enable an overall judgment of 'good' or 'better' to be reached has been an important part of welfare economics. Cf. Extra-welfarism, Pareto-optimality, Positive Economics, Welfare.

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