Question

economic welfare non economic welfare and difference

Answer 1

Héllø Buddy!!

#aNsWeR ➡ Let us see what economic welfare is and how does it differ from non-economic welfare.

Total welfare is generally divided into two parts:

(1) Economic welfare

(ii) Non-economic welfare.

The two types of welfare are intermitted and are rather difficult to separate from each other, nevertheless. Prof. Pigou has distinguished economic welfare (from non- economic welfare) as “that part of social welfare that can be brought directly or indirectly into relation with the measuring rood of money.” Thus, according to Pigou, economic welfare is the part of total welfare, which can be expressed in monetary terms directly or indirectly, non- economic welfare, on the contrary, is that part of total welfare which is not amenable to money-measurement.

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