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Distributive justice is often considered not to belong to the scope of economics, but there is actually an important literature in economics that addresses normative issues in social and economic justice.A variety of economic theories and approaches provide many insights in these matters.In order to measure social welfare, economists use two fundamental approaches – The New Welfare Economics approach and the neoclassical one.
It is logical, that a well-developed and stable society should provide the population with all the basic needs, without prejudice to the rest of population.
The production and consumption equilibrium leads to the Pareto optimum results.
9622 Issued in April 2003 NBER Program(s): Law and Economics, Public Economics In Fairness versus Welfare, we advance the thesis that social policies should be assessed based entirely on their effects on individuals' well-being.
This thesis implies that no independent weight should be accorded to notions of fairness (other than many purely distributive notions).
Scientifically speaking, welfare economics is a branch of economics, which evaluates the economic prosperity and the economic welfare of the community using the microeconomic techniques and approaches in order to provide the general equilibrium in the economy between the economic efficiency and allocation of the resources.
In general, welfare economics studies how economic policies influence the prosperity of the society.
It describes the state of economics when all the members of the community are totally satisfied.
Studying of the proper resource allocation, which can maximize the social welfare, is one more target goal of the welfare economics.
What is sufficient for one person is miserably deficient for another.
It is impossible to establish a single economic welfare criterion for all segments of population.