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A branch of economics that focuses on the optimal allocation of resources and goods and how this affects social welfare. Welfare economics analyzes the total good or welfare that is achieve at a current state as well as how it is distributed. This relates to the study of income distribution and how it affects the common good.

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There are two ways to organise social security. One scheme is known as fully-funded social security. The alternative is called pay-as-you-go. Fully funded schemes Under a fully-funded scheme, the go …
answered Nov 20 '15 by Ubiquitous
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As dismalscience said, none of these terms has a truly rigorous and concrete definition. But here is a broad outline: Environmental economics is the branch of economics that deals with environmental …
answered Jul 22 '16 by Ubiquitous
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Q1 Optimal usually means one of two things: Pareto optimal (there's no way to change the outcome such that everyone is at least as well-off, but someone is strictly better-off). Optimal in the utili …
answered Oct 22 '16 by Ubiquitous
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Your reasoning is correct (i.e. the book is wrong). First, let's follow the book's logic a little more carefully step by step, beginning with the case where p1 changes first: a fall in p1 leads to a …
answered Jul 16 '17 by Ubiquitous
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Here is a chart from the OECD, which shows the net fiscal impact of migrants on their recipient country (i.e. by how much to they contribute or withdraw from the welfare state, albeit excluding in-kin …
answered Jul 12 '18 by Ubiquitous
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Firstly, suppose we take a utilitarian welfare standard that is linear in money. That is to say, suppose that both utility and profits are linear in the amount of money that consumers and firms have ( …
answered Nov 23 '14 by Ubiquitous
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Something that is often overlooked when considering stagnation of income is the fact that even if (real) income did not increase at all, most people would still be better-off over time thanks to techn …
answered Nov 22 '15 by Ubiquitous
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Suppose you have a product that you can distribute for constant marginal cost $c$. For every $v\geq0$ assume there are some consumers who value the good at $v$. The net welfare created when someone co …
answered Apr 7 '17 by Ubiquitous