welfare economics
E137522
Welfare economics is a branch of economics that evaluates how the allocation of resources affects social well-being, often using ethical and efficiency criteria to assess and guide public policy.
All labels observed (2)
| Label | Occurrences |
|---|---|
| welfare economics canonical | 6 |
| Paretian welfare economics | 1 |
Statements (51)
| Predicate | Object |
|---|---|
| instanceOf |
applied economics field
ⓘ
branch of economics ⓘ normative economics ⓘ |
| acknowledgesLimitation |
interpersonal comparison of utility is problematic
ⓘ
value judgments are unavoidable ⓘ |
| appliesCriterion |
Pareto improvement
ⓘ
efficiency ⓘ equity ⓘ fairness ⓘ potential Pareto improvement ⓘ |
| assumes |
individualism in welfare evaluation
ⓘ
preference-based welfare in many models ⓘ |
| focusesOn |
allocation of resources
ⓘ
economic efficiency ⓘ equity ⓘ public policy evaluation ⓘ social welfare ⓘ |
| hasGoal |
assess social well-being
ⓘ
compare alternative policies ⓘ evaluate economic states ⓘ guide public policy ⓘ improve allocation of resources ⓘ |
| historicalFigure |
Abram Bergson
ⓘ
Arthur Cecil Pigou ⓘ John R. Hicks ⓘ
surface form:
John Hicks
Kenneth Arrow ⓘ Nicholas Kaldor ⓘ Paul Samuelson ⓘ Vilfredo Pareto ⓘ |
| relatedTo |
behavioral economics
ⓘ
development economics ⓘ environmental economics ⓘ health economics ⓘ public economics ⓘ social choice theory ⓘ |
| usesConcept |
Arrow’s impossibility theorem
ⓘ
Bergson–Samuelson social welfare function ⓘ Hicks–Kaldor compensation criterion ⓘ
surface form:
Kaldor–Hicks efficiency
Pareto efficiency ⓘ Second-best theory ⓘ compensation principle ⓘ cost–benefit analysis ⓘ equity–efficiency trade-off ⓘ externalities ⓘ income distribution ⓘ individual preferences ⓘ market failure ⓘ merit goods ⓘ public goods ⓘ social welfare function ⓘ utility ⓘ |
Referenced by (7)
Full triples — surface form annotated when it differs from this entity's canonical label.
this entity surface form:
Paretian welfare economics