What is economics Well being and Welfare
The meaning of economy
Welfare economic
The social welfare function
Conclution
Welfare
economics
is
a
field
of
economics
that
applies microeconomic techniques
to
evaluate
the
overall well-
being (welfare) of a society. This evaluation
is typically done at the
economy-wide level,
[1]
and attempts to
assess the distribution of
resources and opportunities among members of society.
The principles of welfare economics are
often used to inform public
economics, which focuses on the
ways in which government
intervention can improve social welfare.
Additionally,
welfare
economics serves as the theoretical foundation for several instruments of
public economics, such as cost–benefit analysis.
The intersection of
welfare economics and behavioral economics has
given rise to the
subfield of behavioral welfare economics.
[2]
