Welfare economics

Welfare economics is a branch of economics that uses microeconomic techniques to simultaneously determine the allocational efficiency of a macroeconomy and the income distribution consequences associated with it. It attempts to maximize the level of social welfare by examining the economic activities of the individuals that comprise society.

References

• Atkinson, A. (1975) The Economics of Inequality, Oxford University Press, London.
• Little, I. (1973) A Critique of Welfare Economics, 2nd edition, Oxford University Press, London.
• O'Connell, J. (1982) Welfare Economic Theory, Auburn House Publishing, Boston.