Economic welfare

For a general treatment of social welfare in economics, see welfare economics.

Economic welfare broadly refers to the level of prosperity and living standards of either an individual or a group of persons. In the field of economics, it specifically refers to utility gained through the achievement of material goods and services. In other words, it refers to that part of social welfare that can be fulfilled through economic activity.[1]

According to Roefie Hueting, welfare is dependent on factors like employment, income distribution, labor conditions, leisure time, production and the scarce possible uses of the environmental functions. [2]

Measurement

Economic welfare is measured in different ways, depending on the preferences of those measuring it. Factors used to measure the economic welfare of a population, include: GDP, literacy, access to health care, and assessments of environmental quality.

References

  1. ↑ Samuelson, Paul A.; William D. Nordhaus (2004). Economics. McGraw-Hill.
  2. ↑ Hueting, R. (2011): The future of the Environmentally sustainable national income. Ökologisches Wirtschaften, 4/2011, 30-35

See also