Welfare Economics is that branch of economics that analyses the role of micro economic variables to allocate the productive resources to the welfare of the people. The pioneer in the study of welfare economics is the father of neo- classical economic thought Alfred Marshell. He was the one who linked the concept of economics to the larger interest of the society. Marshell viewed the study of economics as all the activities and functions that people undertake to achieve economic welfare. The term commonly used with welfare economics is that of social welfare which means the overall well being of all the people in the society.
In welfare economic study the concept of welfare is measured in terms of the cardinal and the ordinal concepts. While in the applied welfare economics perspective there is the cost benefit analysis of the economic activities, estimates of money value and the effects of the distribution of income on the people that might lead to their overall welfare. Another contemporary approach of the welfare economics is the study of the human development index. This is the capabilities approach to welfare that promotes the freedom for the people to do an activity. Other popular terms studied in welfare economics is justice, altruism and equity.
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