Welfare economics: Welfare economics examines how resources are allocated for optimal societal well-being and efficiency. It assesses the distribution and utilization of goods and services, aiming to maximize overall social welfare. See also Utilitarianism, Society, Justice, Distributive justicem, Efficiency, Pareto-Optimum._____________Annotation: The above characterizations of concepts are neither definitions nor exhausting presentations of problems related to them. Instead, they are intended to give a short introduction to the contributions below. – Lexicon of Arguments. |