welfare economics


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welfare economics

n (functioning as singular)
(Economics) the aspects of economic theory concerned with the welfare of society and priorities to be observed in the allocation of resources
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These experts were also to apply a branch of their discipline called welfare economics.
This paper argues that there are strong economic arguments for treating monopoly rent as a social detriment, that any "public benefit test" should so treat them, and that the argument most commonly advanced in New Zealand for the "total surplus standard"--that welfare economics provides no secure reason in principle for comparing the gains of monopolists with the losses of consumers--provides no good reason for policymakers to ignore transfers, and altogether misses the really important economic arguments for regulating monopoly rents out of existence.
Microeconomics" provides an overview of basic microeconomic principles, such as supply and demand, monopolies and oligopolies, public goods and welfare economics.
Welfare economics is concerned with the analysis of conditions under which policies may be said to have improved societal wellbeing relative to alternative courses of action.
begins by restating the First Theorem of Welfare Economics, carefully outlining its standard assumptions.
Unfortunately, these measures have no grounding in welfare economics when using purely compensatory restoration.
They are widely recognised as two of the best economists in Canada, with Prof Blackorby known for his work in areas such as microeconomics theory, social choice, welfare economics and public finance.
7) The third development was the invention of modern welfare economics, which would supply these scientific principles.
Nash concludes that the examination of Knight's conception of welfare economics reveals the existence of the "Knightian Pyramid.
Mr Sen, awarded the Nobel Economics Prize last year for his contributions to welfare economics, told a meeting of educationists that elementary education was "a central component of any kind of economic development".
Just days before the disaster, Amartya Sen, a professor at Cambridge and Harvard Universities, was awarded the Nobel Prize for Economics for his work on welfare economics and inequity issues.
The academy said Sen was receiving the prize for ''his contribution to welfare economics.