Welfare economics/Definition: Difference between revisions

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A definition or brief description of Welfare economics.

The study of the social desireability of alternative arrangements of economic activity and alternative allocations of resources.

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	~~Branch~~ of ~~economics established in~~ the ~~20th century that seeks to evaluate~~ economic ~~policies in terms~~ of ~~their effects on the community's well-being~~.		The study of the social desireability of alternative arrangements of economic activity and alternative allocations of resources.