welfare economics

English - Turkish

Definition of welfare economics in English Turkish dictionary

refah iktisadı

refah

English - English

Definition of welfare economics in English English dictionary

economics intended to provide benefits to the population

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. Early theorists defined welfare as the sum of the satisfactions accruing to an individual through an economic system. Believing it was possible to compare the well-being of two or more individuals, they argued that a poor person would derive more satisfaction from an increase in income than would a rich person. Later writers argued that making such comparisons with any precision was impossible. A new and more limited criterion was later developed: one economic situation was deemed superior to another if at least one person had been made better off without anyone else being made worse off. See also consumer's surplus; Vilfredo Pareto

Hyphenation

wel·fare e·co·nom·ics

Turkish pronunciation

welfer ikınämîks

Pronunciation

/ˈwelˌfer ˌēkəˈnäməks/ /ˈwɛlˌfɛr ˌiːkəˈnɑːmɪks/