Explain the demand of social welfare association
Answers
Answer:
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Explanation:
Welfare economics is the study of how the allocation of resources and goods affects social welfare. This relates directly to the study of economic efficiency and income distribution, as well as how these two factors affect the overall well-being of people in the economy. In practical terms, welfare economists seek to provide tools to guide public policy to achieve beneficial social and economic outcomes for all of society. However, welfare economics is a subjective study that depends heavily on chosen assumptions regarding how welfare can be defined, measured, and compared for individuals and society as a whole.
Welfare economics is the study of how the structure of markets and the allocation of economic goods and resources determines the overall well-being of society.
Welfare economics seeks to evaluate the costs and benefits of changes to the economy and guide public policy toward increasing the total good of society, using tools such as cost-benefit analysis and social welfare functions.
Welfare economics depends heavily on assumptions regarding the measurability and comparability of human welfare across individuals, and the value of other ethical and philosophical ideas about well-being.
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