Welfare Economics

R. Shone
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R. Shone: University of Sheffield

Chapter 10 in Microeconomics, 1975, pp 249-280 from Palgrave Macmillan

Abstract: Abstract Welfare economics can be considered as the normative branch of economics and in particular it attempts at a valuation of the policy goals. It is concerned with the well-being of a group or of society as a whole. This being so it must evaluate the various states in which an economy can find itself. Each state will involve a different consumption and production pattern, a different distribution of factors and a different distribution of income.

Keywords: Welfare Economic; Marginal Rate; Pareto Optimality; Social Welfare Function; Competitive Equilibrium (search for similar items in EconPapers)
Date: 1975
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DOI: 10.1007/978-1-349-15593-4_10

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