Gourt > Science > Social Sciences > Economics > Microeconomics > Welfare Economics
Welfare Economics is a branch of economics that uses microeconomic techniques to simultaneously determine the allocational efficiency of a macroeconomy and the income distribution consequences associated with it. It attempts to maximize the level of social welfare by examining the economic activities of the individuals that comprise society.
Welfare economics is concerned with the welfare of individuals, as opposed to groups, communities, or societies because it assumes that the individual is the basic unit of measurement. It also assumes that individuals are the best judges of their own welfare, that people prefer greater welfare to less welfare, and that welfare can be adequately measured either in monetary terms or as a relative preference.
Social welfare refers to the overall utilitarian state of society. It is often defined as the summation of the welfare of all the individuals in the society. Welfare can be measured either cardinally in terms of dollars or "utils", or measured ordinally in terms of relative utility. The cardinal method is seldom used today because of aggregation problems that make the accuracy of the method doubtful, as well as strong underlying assumptions.
More on [ Welfare economics ]
"They are not to do anything they please to provide for the general welfare... http://economics.gmu.edu/wew/quotes/govt.html #HCR #tcot #p2
thebighoot (John modisett) Thu, 31 Dec 2009 21:25:47 -0000
"They are not to do anything they please to provide for the general welfare... http://economics.gmu.edu/wew/quotes/govt.html #HCR #tcot #p2
This is the think thank of humanity, social cultures, and the economics forum for welfare of the worlds.
IrsanBD (Irsan BrataDjaya) Wed, 30 Dec 2009 10:06:02 -0000
This is the think thank of humanity, social cultures, and the economics forum for welfare of the worlds.
Surprising A- grades in Oceanography and Social Welfare Policy. Unfortunately, I shot myself in the foot in Urban Economics in the end.
mvos588 (Michael Vos) Thu, 24 Dec 2009 23:15:41 -0000
Surprising A- grades in Oceanography and Social Welfare Policy. Unfortunately, I shot myself in the foot in Urban Economics in the end.
EDIRC: Welfare Economics - Central index of economics institutions (academic, governmental and non-profit) in Welfare Economics.
Meta Description: [ Central index of economics institutions
(academic, governmental and non-profit) in Welfare Economics. ]
Social Choice and Welfare - Journal on the ethical and positive aspects of welfare economics and collective choice theory.
Meta Description: [ Social Choice and Welfare - Economic Theory. The journal publishes original research, survey papers and book reviews on the ethical and positive aspects of welfare economics and collective choice theory. The appropriate topics compr... ]
Vilfredo Pareto - Page about Pareto's life and work by History of Economic Thought. Pareto was one of the founders of welfare analysis and Walras' successor at Lausanne.
| Power of the Market | |
| Next Video | |
