welfare economics

noun

: a branch of economics dealing with human welfare, the defining of wealth, and the establishment of guides for social policy aiming at the maximization of total individual utilities

Word History

First Known Use

1920, in the meaning defined above

Time Traveler
The first known use of welfare economics was in 1920

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Cite this Entry

“Welfare economics.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/welfare%20economics. Accessed 17 Jul. 2024.

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