
[This is part of the series: The Complete Guide To Economics 101.]
What is welfare economics?
Welfare Economics is a branch of economics concerned with the interests, or well-being, of people impacted by economic policies.
For instance, welfare economics might study questions like:
- What are the advantages and disadvantages of increasing or decreasing the corporate tax rate?
- Who would be harmed or helped by a national income, and by how much?
- And what is the impact of a particular regulation?
This obviously assumes quite a bit, in regard to the subjective value of individual preferences.