Your browser does not fully support modern features. Please upgrade for a smoother experience.
Social Welfare Theory: Comparison
Please note this is a comparison between Version 1 by Catherine Yang and Version 2 by Catherine Yang.

Social welfare theory is a branch of welfare economics that examines how the well-being of individuals can be evaluated and aggregated to assess the welfare of society as a whole [1][2]. It provides conceptual and analytical frameworks for comparing alternative economic and social states, particularly in relation to resource allocation, efficiency, equity, and distributional outcomes [3]. Major approaches include Pareto-based criteria, social welfare functions, and social choice theory, which differ in how they incorporate individual preferences, utility, and ethical judgments into collective evaluations [4]. These frameworks inform economic policy analysis while highlighting the challenges of comparing individual well-being and reconciling competing social objectives.

  • social welfare theory
  • welfare economics
  • social welfare function
  • social choice theory
  • resource allocation
  • economic efficiency
  • distributive justice

Economic Theory and Policy • General Economics, Econometrics and Finance •  Economics, Econometrics and Finance • Social Sciences

References

  1. Abram Bergson; A Reformulation of Certain Aspects of Welfare Economics. Q. J. Econ. 1938, 52, 310-334. [CrossRef]
  2. Kenneth J. Arrow; A Difficulty in the Concept of Social Welfare. J. Polit. Econ. 1950, 58, 328-346. [CrossRef]
  3. Kotaro Suzumura; Paretian Welfare Judgements and Bergsonian Social Choice. Econ. J. 1999, 109, 204-220. [CrossRef]
  4. Amartya Sen; Utilitarianism and Welfarism. J. Philos. 1979, 76, 463-489. [CrossRef]
More
Write an Entry