Welfare economics, the Glossary
Welfare economics is a field of economics that applies microeconomic techniques to evaluate the overall well-being (welfare) of a society.[1]
Table of Contents
108 relations: Abram Bergson, Alfred Marshall, Altruism, Amartya Sen, Arnold Harberger, Arrow's impossibility theorem, Arthur Cecil Pigou, Austrian school of economics, Behavioral economics, Cambridge University Press, Capability approach, Cardinal number, Cardinal utility, Compensation principle, Competitive equilibrium, Complete market, Consumer welfare standard, Consumerism, Convex function, Corporate social responsibility, Cost–benefit analysis, Deadweight loss, Distribution (economics), Distributive efficiency, E. J. Mishan, Economic freedom, Economic justice, Economic surplus, Equity (economics), Externality, Feminist economics, Foundations of Economic Analysis, Francis Ysidro Edgeworth, Fundamental theorems of welfare economics, Gérard Debreu, Gini coefficient, Government failure, Happiness economics, Henry Sidgwick, Howard Bowen, Humanistic economics, Ian Little (economist), Income distribution, Income inequality metrics, Indifference curve, Interpersonal relationship, Invisible hand, Involuntary unemployment, Jeremy Bentham, Johannes de Villiers Graaff, ... Expand index (58 more) »
Abram Bergson
Abram Bergson (born Abram Burk, April 21, 1914, in Baltimore, Maryland – April 23, 2003, in Cambridge, Massachusetts) was an American economist, academician, and professor in the Harvard Economics Department since 1956.
See Welfare economics and Abram Bergson
Alfred Marshall
Alfred Marshall (26 July 1842 – 13 July 1924) was an English economist, and was one of the most influential economists of his time.
See Welfare economics and Alfred Marshall
Altruism
Altruism is the principle and practice of concern for the well-being and/or happiness of other humans or animals above oneself.
See Welfare economics and Altruism
Amartya Sen
Amartya Kumar Sen (born 1933) is an Indian economist and philosopher.
See Welfare economics and Amartya Sen
Arnold Harberger
Arnold Carl Harberger (born July 27, 1924) is an American economist.
See Welfare economics and Arnold Harberger
Arrow's impossibility theorem
Arrow's impossibility theorem is a key result in social choice showing that no rank-order method for collective decision-making can behave rationally or coherently.
See Welfare economics and Arrow's impossibility theorem
Arthur Cecil Pigou
Arthur Cecil Pigou (18 November 1877 – 7 March 1959) was an English economist.
See Welfare economics and Arthur Cecil Pigou
Austrian school of economics
The Austrian school is a heterodox school of economic thought that advocates strict adherence to methodological individualism, the concept that social phenomena result primarily from the motivations and actions of individuals along with their self interest.
See Welfare economics and Austrian school of economics
Behavioral economics
Behavioral economics is the study of the psychological, cognitive, emotional, cultural and social factors involved in the decisions of individuals or institutions, and how these decisions deviate from those implied by classical economic theory.
See Welfare economics and Behavioral economics
Cambridge University Press
Cambridge University Press is the university press of the University of Cambridge.
See Welfare economics and Cambridge University Press
Capability approach
The capability approach (also referred to as the capabilities approach) is a normative approach to human welfare that concentrates on the actual capability of persons to achieve lives they value rather than solely having a right or freedom to do so.
See Welfare economics and Capability approach
Cardinal number
In mathematics, a cardinal number, or cardinal for short, is what is commonly called the number of elements of a set.
See Welfare economics and Cardinal number
Cardinal utility
In economics, a cardinal utility function or scale is a utility index that preserves preference orderings uniquely up to positive affine transformations.
See Welfare economics and Cardinal utility
Compensation principle
In welfare economics, the compensation principle refers to a decision rule used to select between pairs of alternative feasible social states.
See Welfare economics and Compensation principle
Competitive equilibrium
Competitive equilibrium (also called: Walrasian equilibrium) is a concept of economic equilibrium, introduced by Kenneth Arrow and Gérard Debreu in 1951, appropriate for the analysis of commodity markets with flexible prices and many traders, and serving as the benchmark of efficiency in economic analysis.
See Welfare economics and Competitive equilibrium
Complete market
In economics, a complete market (aka Arrow-Debreu market or complete system of markets) is a market with two conditions.
See Welfare economics and Complete market
Consumer welfare standard
In the context of U.S. competition law, the consumer welfare standard (CWS) or consumer welfare principle (CWP) is a legal doctrine used to determine the applicability of antitrust enforcement.
See Welfare economics and Consumer welfare standard
Consumerism
Consumerism is a social and economic order in which the aspirations of many individuals include the acquisition of goods and services beyond those necessary for survival or traditional displays of status.
See Welfare economics and Consumerism
Convex function
In mathematics, a real-valued function is called convex if the line segment between any two distinct points on the graph of the function lies above the graph between the two points.
See Welfare economics and Convex function
Corporate social responsibility (CSR) or corporate social impact is a form of international private business self-regulation which aims to contribute to societal goals of a philanthropic, activist, or charitable nature by engaging in, with, or supporting professional service volunteering through pro bono programs, community development, administering monetary grants to non-profit organizations for the public benefit, or to conduct ethically oriented business and investment practices.
See Welfare economics and Corporate social responsibility
Cost–benefit analysis
Cost–benefit analysis (CBA), sometimes also called benefit–cost analysis, is a systematic approach to estimating the strengths and weaknesses of alternatives.
See Welfare economics and Cost–benefit analysis
Deadweight loss
In economics, deadweight loss is the loss of societal economic welfare due to production/consumption of a good at a quantity where marginal benefit (to society) does not equal marginal cost (to society) – in other words, there are either goods being produced despite the cost of doing so being larger than the benefit, or additional goods are not being produced despite the fact that the benefits of their production would be larger than the costs.
See Welfare economics and Deadweight loss
Distribution (economics)
In economics, distribution is the way total output, income, or wealth is distributed among individuals or among the factors of production (such as labour, land, and capital).
See Welfare economics and Distribution (economics)
Distributive efficiency
In welfare economics, distributive efficiency occurs when goods and services are received by those who have the greatest need for them.
See Welfare economics and Distributive efficiency
E. J. Mishan
Ezra J. Mishan (aka "Edward"; 15 November 1917 – 22 September 2014) was an English economist best known for his work criticising economic growth.
See Welfare economics and E. J. Mishan
Economic freedom
Economic freedom, or economic liberty, refers to the agency of people to make economic decisions.
See Welfare economics and Economic freedom
Economic justice
Economic justice is a component of social justice and welfare economics.
See Welfare economics and Economic justice
Economic surplus
In mainstream economics, economic surplus, also known as total welfare or total social welfare or Marshallian surplus (after Alfred Marshall), is either of two related quantities.
See Welfare economics and Economic surplus
Equity (economics)
Equity, or economic equality, is the construct, concept or idea of fairness in economics and justice in the distribution of wealth, resources, and taxation within a society.
See Welfare economics and Equity (economics)
Externality
In economics, an externality or external cost is an indirect cost or benefit to an uninvolved third party that arises as an effect of another party's (or parties') activity.
See Welfare economics and Externality
Feminist economics
Feminist economics is the critical study of economics and economies, with a focus on gender-aware and inclusive economic inquiry and policy analysis.
See Welfare economics and Feminist economics
Foundations of Economic Analysis
Foundations of Economic Analysis is a book by Paul A. Samuelson published in 1947 (Enlarged ed., 1983) by Harvard University Press.
See Welfare economics and Foundations of Economic Analysis
Francis Ysidro Edgeworth
Francis Ysidro Edgeworth (8 February 1845 – 13 February 1926) was an Anglo-Irish philosopher and political economist who made significant contributions to the methods of statistics during the 1880s.
See Welfare economics and Francis Ysidro Edgeworth
Fundamental theorems of welfare economics
There are two fundamental theorems of welfare economics.
See Welfare economics and Fundamental theorems of welfare economics
Gérard Debreu
Gérard Debreu (4 July 1921 – 31 December 2004) was a French-born economist and mathematician.
See Welfare economics and Gérard Debreu
Gini coefficient
In economics, the Gini coefficient, also known as the Gini index or Gini ratio, is a measure of statistical dispersion intended to represent the income inequality, the wealth inequality, or the consumption inequality within a nation or a social group.
See Welfare economics and Gini coefficient
Government failure
Government failure, in the context of public economics, is an economic inefficiency caused by a government intervention, if the inefficiency would not exist in a true free market.
See Welfare economics and Government failure
Happiness economics
The economics of happiness or happiness economics is the theoretical, qualitative and quantitative study of happiness and quality of life, including positive and negative affects, well-being, life satisfaction and related concepts – typically tying economics more closely than usual with other social sciences, like sociology and psychology, as well as physical health.
See Welfare economics and Happiness economics
Henry Sidgwick
Henry Sidgwick (31 May 1838 – 28 August 1900) was an English utilitarian philosopher and economist and is best known in philosophy for his utilitarian treatise The Methods of Ethics.
See Welfare economics and Henry Sidgwick
Howard Bowen
Howard Rothmann Bowen (October 27, 1908 – December 22, 1989) was an American economist and college president.
See Welfare economics and Howard Bowen
Humanistic economics
Humanistic economics is a distinct pattern of economic thought with old historical roots that have been more recently invigorated by E. F. Schumacher's Small Is Beautiful: Economics as if People Mattered (1973).
See Welfare economics and Humanistic economics
Ian Little (economist)
Ian Malcolm David Little, (18 December 1918 – 13 July 2012) was a British economist.
See Welfare economics and Ian Little (economist)
Income distribution
In economics, income distribution covers how a country's total GDP is distributed amongst its population.
See Welfare economics and Income distribution
Income inequality metrics
Income inequality metrics or income distribution metrics are used by social scientists to measure the distribution of income and economic inequality among the participants in a particular economy, such as that of a specific country or of the world in general.
See Welfare economics and Income inequality metrics
Indifference curve
In economics, an indifference curve connects points on a graph representing different quantities of two goods, points between which a consumer is indifferent.
See Welfare economics and Indifference curve
Interpersonal relationship
In social psychology, an interpersonal relation (or interpersonal relationship) describes a social association, connection, or affiliation between two or more persons.
See Welfare economics and Interpersonal relationship
Invisible hand
The invisible hand is a metaphor inspired by the Scottish moral philosopher Adam Smith that describes the incentives which free markets sometimes create for self-interested people to act unintentionally in the public interest.
See Welfare economics and Invisible hand
Involuntary unemployment
Involuntary unemployment occurs when a person is unemployed despite being willing to work at the prevailing wage.
See Welfare economics and Involuntary unemployment
Jeremy Bentham
Jeremy Bentham (4 February 1747/8 O.S. – 6 June 1832) was an English philosopher, jurist, and social reformer regarded as the founder of modern utilitarianism.
See Welfare economics and Jeremy Bentham
Johannes de Villiers Graaff
Johannes de Villiers Graaff (also known as Jan de Van Graaff or Jannie Graaff) (19 February 1928 – 6 January 2015) was a neoclassical South African welfare economist.
See Welfare economics and Johannes de Villiers Graaff
John Hicks
Sir John Richard Hicks (8 April 1904 – 20 May 1989) was a British economist.
See Welfare economics and John Hicks
John Rawls
John Bordley Rawls (February 21, 1921 – November 24, 2002) was an American moral, legal and political philosopher in the modern liberal tradition.
See Welfare economics and John Rawls
Kaldor–Hicks efficiency
A Kaldor–Hicks improvement, named for Nicholas Kaldor and John Hicks, is an economic re-allocation of resources among people that captures some of the intuitive appeal of a Pareto improvement, but has less stringent criteria and is hence applicable to more circumstances.
See Welfare economics and Kaldor–Hicks efficiency
Kenneth Arrow
Kenneth Joseph Arrow (August 23, 1921 – February 21, 2017) was an American economist, mathematician, writer, and political theorist.
See Welfare economics and Kenneth Arrow
Long run and short run
In economics, the long-run is a theoretical concept in which all markets are in equilibrium, and all prices and quantities have fully adjusted and are in equilibrium.
See Welfare economics and Long run and short run
Lorenz curve
In economics, the Lorenz curve is a graphical representation of the distribution of income or of wealth.
See Welfare economics and Lorenz curve
Marginal rate of substitution
In economics, the marginal rate of substitution (MRS) is the rate at which a consumer can give up some amount of one good in exchange for another good while maintaining the same level of utility.
See Welfare economics and Marginal rate of substitution
Marginal utility
In economics, marginal utility describes the change in utility (pleasure or satisfaction resulting from the consumption) of one unit of a good or service.
See Welfare economics and Marginal utility
Market power
In economics, market power refers to the ability of a firm to influence the price at which it sells a product or service by manipulating either the supply or demand of the product or service to increase economic profit.
See Welfare economics and Market power
Microeconomics
Microeconomics is a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms.
See Welfare economics and Microeconomics
Monopolistic competition
Monopolistic competition is a type of imperfect competition such that there are many producers competing against each other but selling products that are differentiated from one another (e.g., branding, quality) and hence not perfect substitutes.
See Welfare economics and Monopolistic competition
Monopsony
In economics, a monopsony is a market structure in which a single buyer substantially controls the market as the major purchaser of goods and services offered by many would-be sellers.
See Welfare economics and Monopsony
Natural monopoly
A natural monopoly is a monopoly in an industry in which high infrastructural costs and other barriers to entry relative to the size of the market give the largest supplier in an industry, often the first supplier in a market, an overwhelming advantage over potential competitors.
See Welfare economics and Natural monopoly
Neoclassical economics
Neoclassical economics is an approach to economics in which the production, consumption, and valuation (pricing) of goods and services are observed as driven by the supply and demand model.
See Welfare economics and Neoclassical economics
Nicholas Kaldor
Nicholas Kaldor, Baron Kaldor (12 May 1908 – 30 September 1986), born Káldor Miklós, was a Hungarian economist.
See Welfare economics and Nicholas Kaldor
Non-wage labour costs
Non-wage labour costs are social security and insurance contributions, labour taxes and other costs related to employing someone and may include.
See Welfare economics and Non-wage labour costs
Normative economics
Normative economics (as opposed to positive economics) is the part of economics that deals with normative statements.
See Welfare economics and Normative economics
Oligopsony
An oligopsony (from Greek ὀλίγοι (oligoi) "few" and ὀψωνία (opsōnia) "purchase") is a market form in which the number of buyers is small while the number of sellers in theory could be large.
See Welfare economics and Oligopsony
Ordinal utility
In economics, an ordinal utility function is a function representing the preferences of an agent on an ordinal scale.
See Welfare economics and Ordinal utility
Oxford University Press
Oxford University Press (OUP) is the publishing house of the University of Oxford.
See Welfare economics and Oxford University Press
Pareto efficiency
In welfare economics, a Pareto improvement formalizes the idea of an outcome being "better in every possible way".
See Welfare economics and Pareto efficiency
Pareto principle
The Pareto principle may apply to fundraising, i.e. 20% of the donors contributing towards 80% of the total The Pareto principle (also known as the 80/20 rule, the law of the vital few and the principle of factor sparsity) states that for many outcomes, roughly 80% of consequences come from 20% of causes (the "vital few").
See Welfare economics and Pareto principle
Paul Samuelson
Paul Anthony Samuelson (May 15, 1915 – December 13, 2009) was an American economist who was the first American to win the Nobel Memorial Prize in Economic Sciences.
See Welfare economics and Paul Samuelson
Philanthropy
Philanthropy is a form of altruism that consists of "private initiatives for the public good, focusing on quality of life".
See Welfare economics and Philanthropy
Predistribution
Pre-distribution (or Predistribution) is the idea that the state should try to prevent inequalities occurring in the first place rather than ameliorating them via tax and benefits once they have occurred, as occurs under redistribution.
See Welfare economics and Predistribution
Preference (economics)
In economics, and in other social sciences, preference refers to an order by which an agent, while in search of an "optimal choice", ranks alternatives based on their respective utility.
See Welfare economics and Preference (economics)
Principal–agent problem
The principal–agent problem refers to the conflict in interests and priorities that arises when one person or entity (the "agent") takes actions on behalf of another person or entity (the "principal").
See Welfare economics and Principal–agent problem
Production (economics)
Production is the process of combining various inputs, both material (such as metal, wood, glass, or plastics) and immaterial (such as plans, or knowledge) in order to create output.
See Welfare economics and Production (economics)
Production–possibility frontier
In microeconomics, a production–possibility frontier (PPF), production possibility curve (PPC), or production possibility boundary (PPB) is a graphical representation showing all the possible options of output for two goods that can be produced using all factors of production, where the given resources are fully and efficiently utilized per unit time.
See Welfare economics and Production–possibility frontier
Productivism
Productivism or growthism is the belief that measurable productivity and growth are the purpose of human organization (e.g., work), and that "more production is necessarily good".
See Welfare economics and Productivism
Public economics
Public economics (or economics of the public sector) is the study of government policy through the lens of economic efficiency and equity.
See Welfare economics and Public economics
Public interest
In social science and economics, public interest is "the welfare or well-being of the general public" and society.
See Welfare economics and Public interest
Quality of life
Quality of life (QOL) is defined by the World Health Organization as "an individual's perception of their position in life in the context of the culture and value systems in which they live and in relation to their goals, expectations, standards and concerns".
See Welfare economics and Quality of life
Reciprocity (cultural anthropology)
In cultural anthropology, reciprocity refers to the non-market exchange of goods or labour ranging from direct barter (immediate exchange) to forms of gift exchange where a return is eventually expected (delayed exchange) as in the exchange of birthday gifts.
See Welfare economics and Reciprocity (cultural anthropology)
Scarcity
In economics, scarcity "refers to the basic fact of life that there exists only a finite amount of human and nonhuman resources which the best technical knowledge is capable of using to produce only limited maximum amounts of each economic good."Samuelson, P. Anthony., Samuelson, W. (1980).
See Welfare economics and Scarcity
Scitovsky paradox
The Scitovsky paradox is a paradox in welfare economics which is resolved by stating that there is no increase in social welfare by a return to the original part of the losers.
See Welfare economics and Scitovsky paradox
Social Choice and Individual Values
Kenneth Arrow's monograph Social Choice and Individual Values (1951, 2nd ed., 1963, 3rd ed., 2012) and a theorem within it created modern social choice theory, a rigorous melding of social ethics and voting theory with an economic flavor.
See Welfare economics and Social Choice and Individual Values
Social choice theory is the branch of welfare economics which studies processes of collective decision-making.
See Welfare economics and Social choice theory
In welfare economics, a social planner is a hypothetical decision-maker who attempts to maximize some notion of social welfare.
See Welfare economics and Social planner
The social safety net (SSN) consists of non-contributory assistance existing to improve lives of vulnerable families and individuals experiencing poverty and destitution.
See Welfare economics and Social safety net
Social status is the relative level of social value a person is considered to possess.
See Welfare economics and Social status
In welfare economics and social choice theory, a social welfare function—also called a social ordering, ranking, utility, or choice function—is a function that ranks a set of social states by their desirability.
See Welfare economics and Social welfare function
Stakeholder (corporate)
In a corporation, a stakeholder is a member of "groups without whose support the organization would cease to exist", as defined in the first usage of the word in a 1963 internal memorandum at the Stanford Research Institute.
See Welfare economics and Stakeholder (corporate)
Subjective well-being
Subjective well-being (SWB) is a self-reported measure of well-being, typically obtained by questionnaire.
See Welfare economics and Subjective well-being
The New Palgrave Dictionary of Economics
The New Palgrave Dictionary of Economics (2018), 3rd ed., is a twenty-volume reference work on economics published by Palgrave Macmillan.
See Welfare economics and The New Palgrave Dictionary of Economics
Theory of the second best
In welfare economics, the theory of the second best (also known as the general theory of second best or the second best theorem) concerns the situation when one or more optimality conditions cannot be satisfied.
See Welfare economics and Theory of the second best
Tony Atkinson
Sir Anthony Barnes Atkinson (4 September 1944 – 1 January 2017) was a British economist, Centennial Professor at the London School of Economics, and senior research fellow of Nuffield College, Oxford.
See Welfare economics and Tony Atkinson
Totalitarianism
Totalitarianism is a political system and a form of government that prohibits opposition political parties, disregards and outlaws the political claims of individual and group opposition to the state, and controls the public sphere and the private sphere of society.
See Welfare economics and Totalitarianism
Universal basic income
Universal basic income (UBI) is a social welfare proposal in which all citizens of a given population regularly receive a minimum income in the form of an unconditional transfer payment, i.e., without a means test or need to work.
See Welfare economics and Universal basic income
Utilitarianism
In ethical philosophy, utilitarianism is a family of normative ethical theories that prescribe actions that maximize happiness and well-being for the affected individuals.
See Welfare economics and Utilitarianism
Utility–possibility frontier
In welfare economics, a utility–possibility frontier (or utility possibilities curve), is a widely used concept analogous to the better-known production–possibility frontier.
See Welfare economics and Utility–possibility frontier
Vilfredo Pareto
Vilfredo Federico Damaso Pareto (born Wilfried Fritz Pareto; 15 July 1848 – 19 August 1923) was an Italian polymath, whose areas of interest included sociology, civil engineering, economics, political science, and philosophy.
See Welfare economics and Vilfredo Pareto
Welfare
Welfare, or commonly social welfare, is a type of government support intended to ensure that members of a society can meet basic human needs such as food and shelter.
See Welfare economics and Welfare
Welfare state
A welfare state is a form of government in which the state (or a well-established network of social institutions) protects and promotes the economic and social well-being of its citizens, based upon the principles of equal opportunity, equitable distribution of wealth, and public responsibility for citizens unable to avail themselves of the minimal provisions for a good life.
See Welfare economics and Welfare state
Well-being
Well-being, or wellbeing, also known as wellness, prudential value, prosperity or quality of life, is what is intrinsically valuable relative to someone.
See Welfare economics and Well-being
Willingness to pay
In behavioral economics, willingness to pay (WTP) is the maximum price at or below which a consumer will definitely buy one unit of a product.
See Welfare economics and Willingness to pay
World Happiness Report
The World Happiness Report is a publication that contains articles and rankings of national happiness, based on respondent ratings of their own lives, which the report also correlates with various (quality of) life factors.
See Welfare economics and World Happiness Report
Yew-Kwang Ng
Yew-Kwang Ng (English pronunciation or simply; born 7 August 1942) is a Malaysian-Australian economist, who is currently Special Chair Professor of Economics at Fudan University, Shanghai, and a Distinguished Fellow of the Academy of the Social Sciences in Australia.
See Welfare economics and Yew-Kwang Ng
References
[1] https://en.wikipedia.org/wiki/Welfare_economics
Also known as Consumer welfare, Formal Theories of Social Welfare, Social optimality, Social welfare (economics), Socially optimal, Welfare economy, Welfare pluralism.
, John Hicks, John Rawls, Kaldor–Hicks efficiency, Kenneth Arrow, Long run and short run, Lorenz curve, Marginal rate of substitution, Marginal utility, Market power, Microeconomics, Monopolistic competition, Monopsony, Natural monopoly, Neoclassical economics, Nicholas Kaldor, Non-wage labour costs, Normative economics, Oligopsony, Ordinal utility, Oxford University Press, Pareto efficiency, Pareto principle, Paul Samuelson, Philanthropy, Predistribution, Preference (economics), Principal–agent problem, Production (economics), Production–possibility frontier, Productivism, Public economics, Public interest, Quality of life, Reciprocity (cultural anthropology), Scarcity, Scitovsky paradox, Social Choice and Individual Values, Social choice theory, Social planner, Social safety net, Social status, Social welfare function, Stakeholder (corporate), Subjective well-being, The New Palgrave Dictionary of Economics, Theory of the second best, Tony Atkinson, Totalitarianism, Universal basic income, Utilitarianism, Utility–possibility frontier, Vilfredo Pareto, Welfare, Welfare state, Well-being, Willingness to pay, World Happiness Report, Yew-Kwang Ng.