Terms Beginning With 'w'

Welfare Economics

  • January 29, 2020
  • Team Kalkine

A branch of economics, welfare economics is believed to having become established as a well-defined branch of economic theory in the course of the 20th century. It makes use of microeconomic techniques to analyse the welfare at the total economy level. Breaking it down, the concept explains the ways in which the allocation of goods and resources affects social welfare. The subjective study hinges on selected assumptions.

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