Economics of welfare
The economics of welfare is the branch of the economy which studies the material wellbeing. It uses micro-economic techniques in order to determine the effectiveness of an economy to allocate the resources, as well as the consequences of this allowance on the distribution of income.
The economics of welfare strictly speaking limits to the individual wellbeing, in opposition to the groups, communities or companies, which raise more of the social wellbeing. It leaves the assumption which the individuals are best placed to judge their own wellbeing (Rationalité), that they seek to improve (Utilité), and which this one can be measured either directly in monetary terms (cardinal utility), or in the form of ordered preferences (ordinal utility).
An increase in the Consumption, time of leisure, or services public brought by the State, increase the wellbeing of the individuals.
See too
- social wellbeing
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