Advertisement

Microeconomics pp 249-280 | Cite as

Welfare Economics

  • R. Shone

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 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

Preview

Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

Copyright information

© R. Shone 1975

Authors and Affiliations

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

Personalised recommendations