Question

economic and social welfare schemes are always _​

Answer 1

Answer:

in welfare economics social welfare function is a function that ranks social States (alternative to complete descriptions of the society) as less desirable more desirable or indifferent for every possible pair of social States.

Answer 2

Economic and social welfare schemes are always supplement to each other

• Social and economic welfare programmes usually complement one another. Economic welfare programmes are ones that are designed to minimise costs while providing financial assistance to the general populace. Social welfare programmes may not be expressed in monetary terms, but they are nonetheless for the public's benefit.
• The general well-being of society is referred to as social welfare. The factors that determine social efficiency, or the size of the economic pie, will be covered in this section. The net gains that consumers and producers make from their exchanges of commodities and services are what constitute social efficiency.
• Pigou defined economic welfare as "that component of social welfare that may be brought directly or indirectly into relation with the measuring rood of money" to separate it from non-economic welfare. Pigou therefore claims that economic welfare is a component of overall welfare that can be directly represented in monetary terms or.
• Economics is the study of human endeavours that are conducive to the material well-being of people. Man has access to material resources through wealth that he can use to fulfil his needs and advance his welfare.

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