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.

Welfare economics in relation to other subjects

Welfare economics uses many of the same techniques as microeconomics and can be seen as intermediate or advanced microeconomic theory. Its results are applicable to macroeconomic issues so welfare economics is somewhat of a bridge between the two branches of economics.

Related Topics:
Microeconomics - Macroeconomic

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Cost-benefit analysis is a specific application of welfare economics techniques, but excludes the income distribution aspects.

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Political science also looks into the issue of social welfare (political science), but in a less quantitative manner.

Related Topics:
Political science - Social welfare (political science)

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Human development theory explores these issues also, and considers them fundamental to the development process itself.

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