Welfare economics is a branch of economics that uses microeconomic techniques to evaluate well-being (welfare) at the aggregate (economy-wide) level. A typical methodology begins with the derivation (or assumption) of a social welfare function, which can then be used to rank economically feasible allocations of resources in terms of the social wel...
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The branch of economic thought that deals with economic welfare, including especially various propositions relating competitive general equilibrium to the efficiency and desirability of an allocation. See the first and second theorems of welfare economics.
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http://www-personal.umich.edu/~alandear/glossary/w.html
branch of economics that seeks to evaluate economic policies in terms of their effects on the well-being of the community. It became established as ... [5 related articles]
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http://www.britannica.com/eb/a-z/w/21
A framework for deciding on the optimal (best) use of scarce resources.
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http://www.encyclo.co.uk/local/20140
Welfare economics is the branch of economics that is concerned with normative questions relating to the well- being of society as a whole; in particular, it seeks to establish a ranking in terms of welfare between different allocations of resources. Unfortunately, the only widely agreed criterion for judging between alternatives is Pareto optimalit...
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http://www.probertencyclopaedia.com/browse/JW.HTM
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