Global Encyclopaedia of Welfare Economics

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Majority of entries are theoretical and historical in imphasis. This book is organized alphabetically into over 115 entries, covering the whole spectrum of the subject welfare economics. It is a branch of economics that uses microeconomic techniques to simultaneously determine allocative efficiency within an economy and income distribution associated with it. It analyses social welfare, however, measured in term of economic activities of the individuals. As such individuals, with associated economic activities are the basic units for aggregating to social welfare, whether of a group, a community, or a society and there is no social welfare apart from the welfare associated with its individual units. At the theoretical level, welfare economics has provided limited support for other economic theories and has contributed to philosophical debates about the role of the state. At the operational level, it has been widely applied by economic advisers to the problem of estimating the effect of proposed policy changes upon the well-being of those who would be affected.