(The branch of) economics concerned with the effects of economic activity on the welfare of the individuals that compose society; specifically economic theory or practice aimed at improving the welfare of the individual.
Origin
1920s; earliest use found in The American Economic Review.
Definition of welfare economics in US English:
welfare economics
noun
(The branch of) economics concerned with the effects of economic activity on the welfare of the individuals that compose society; specifically economic theory or practice aimed at improving the welfare of the individual.
Origin
1920s; earliest use found in The American Economic Review.