Microeconomics pp 249-280 | Cite as

Welfare Economics

  • R. Shone


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.


Welfare Economic Marginal Rate Pareto Optimality Social Welfare Function Competitive Equilibrium 
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Copyright information

© R. Shone 1975

Authors and Affiliations

  • R. Shone
    • 1
  1. 1.University of SheffieldUK

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