See Also: welfare economics(encyclopedia)
Herbal medicine (botanical medicine, herbology, phytomedicine)(health)
welfare(1)(dictionary)
welfare(2)(dictionary)
welfare(dictionary)
Welfare(finance)
welfare(encyclopedia)
maternal welfare(medicine)
Social welfare(medicine)
welfare state(dictionary)

kalmuck (medicine) and welfare economics (sh)


kalmuck (medicine)


kalmuck


1. <ethnology> See Calmucks.

2. A kind of shaggy cloth, resembling bearskin.

3. A coarse, dyed, cotton cloth, made in Prussia.

Source: Websters Dictionary


welfare economics (sh)




Branch of Economics established in the 20th century that seeks to evaluate economic policies in terms of their effects on the community's well-being.

Early theorists defined welfare as the sum of the satisfactions accruing to an individual through an economic system. Believing it was possible to compare the well-being of two or more individuals, they argued that a poor person would derive more satisfaction from an increase in income than would a rich person. Later writers argued that making such comparisons with any precision was impossible. A new and more limited criterion was later developed: one economic situation was deemed superior to another if at least one person had been made better off without anyone else being made worse off. See also consumer's surplus; Vilfredo Pareto.