Welfare economics

political ideology

measure of inequality in income or wealth distribution

economic system combining public and private production

means-oriented social benefit

minimum income deemed adequate to live in a specific country or place

law that promotes or seeks to maintain market competition by regulating anti-competitive conduct by companies

thumb|Air pollution from [[motor vehicles is an example of a negative externality. The costs of the air pollution for the rest of society is not compensated for by either the producers or users of motorized transport.]]

monetary benefit that accrues to parties to an economic transaction

change in satisfaction resulting from an increase or decrease in consumption of one unit of a good or service

economic concept of a state in which no reallocation of resources can make everyone at least as well off

systematic approach to estimating the strengths and weaknesses of alternatives

use of economic techniques to evaluate well-being at the aggregate level

graphical representation of the distribution of income or of wealth

concept of fairness or justice between generations

theory of equilibrium between supply and demand

measure of lost economic efficiency

part of economics that expresses value judgments about economic fairness

social class of working people whose incomes fall below a poverty line due to low-income jobs and low familial household income

model of an economic market

index

state leading to a Pareto-efficient outcome, concerning the compensation principle

provision of loans by the International Monetary Fund and World Bank to countries that experienced economic crises

Complete, full information, perfectly competitive markets are Pareto efficient

accounting framework

economic theory

metric that has been suggested to replace, or supplement, gross domestic product

quantitative and theoretical study of happiness, positive and negative affect, well-being, quality of life, life satisfaction and related concepts, typically combining economics with other fields such as psychology, health and sociology

Leapfrogging is a concept used in many domains of the economics and business fields, and was originally developed in the area of industrial organization and economic growth. The main idea behind the concept of leapfrogging is that small and incremental innovations usually lead a dominant firm to stay ahead, but sometimes, radical innovations will permit new firms to leapfrog the ancient and dominant firm. The phenomenon can occur to firms but also to leadership of countries or cities, where a developing country can skip stages of the path taken by industrial nations, enabling them to catch up

function that ranks states of society according to their desirability

problem of sharing resources

economic occurence

In ethics, welfarism is a theory that well-being, what is good for someone or what makes a life worth living, is the only thing that has intrinsic value. In its most general sense, it can be defined as descriptive theory about what has value but some philosophers also understand welfarism as a moral theory, that what one should do is ultimately determined by considerations of well-being. The right action, policy or rule is the one leading to the maximal amount of well-being. In this sense, it is often seen as a type of consequentialism, and can take the form of utilitarianism.

index to measure economic inequality

welfare economics project

prevention, management, and handling of situations that adversely affect people's well-being

measure of well-being assessed in terms of mood, satisfaction with relationships, achieved goals, self-concepts, and self-perceived ability to cope with one's daily life

branch of economics studying next-best alternatives

eligibility criteria based on financial status

policy advocating welfare benefits just for certain groups

thumb|right|Activists dressed as prisoners demonstrating against workfare in the United Kingdom (October 2011) Workfare is a governmental plan under which welfare recipients are required to accept public-service jobs or to participate in job training. Many countries around the world have adopted workfare (sometimes implemented as "work-first" policies) to reduce poverty among able-bodied adults; however, their approaches to execution vary. The United States and United Kingdom are two countries utilizing workfare, albeit with different backgrounds.

type of socio-economic model

concept in microeconomics

Edgar Malone Hoover's inequality measure

economic value used to quantify the benefit of avoiding a fatality. It is also referred to as the cost of life, value of preventing a fatality (VPF), implied cost of averting a fatality (ICAF), and value of a statistical life (VSL)

Association of national welfare agencies

period in British political history, 1945 to 1970s

economic good whose value is determined by its distribution within a population

subcategory of welfare economics

measure of how much more money a consumer would pay before a price increase to avert the price increase

economics concept

economic growth that reflects or creates a decline in the quality of life

ways inequality is measured

procedure for envy-free cake-cutting between two partners

non-fiction work by Paul A. Samuelson

government work relief programmes

Economic concept

taxation on a lump-sum basis

Mincome, the "Manitoba Basic Annual Income Experiment", was a Canadian guaranteed annual income (GAI) social experiment conducted in Manitoba in the 1970s. The project was funded jointly by the Manitoba provincial government and the Canadian federal government under Prime Minister Pierre Trudeau. It was launched with a news release on February 22, 1974, under the New Democratic Party Manitoba government of Edward Schreyer, and was closed down in 1979 under the Progressive Conservative Manitoba government of Sterling Lyon and the federal Progressive Conservative Party of Joe Clark. The purpose

law in welfare economics centered around prospective gainers helping losers