markneilpotiose06
Welfare economics considers how government policies, such as taxes and spending, can be used to improve the economic welfare of individuals and society as a whole. It looks at how different policies affect the distribution of income, consumption patterns, and other aspects of the economy. Welfare economics also examines how public policies can address social issues such as poverty, inequality, environmental protection, and discrimination.
reginevalencia3
what do you mean by “its not fair if the result isn't fair” and “its not fair if the rules are not fair”
markneilpotiose06
It means that it's not fair if the outcome of an event or situation doesn't align with the rules and guidelines that are in place. In other words, if the rules for something are set out, such as a game or competition, then it should be the same for everyone and no one should be able to manipulate or change the outcome. The result should be impartial and unbiased.
Answers & Comments
Explanation:
Classical welfare economics is a branch of economics that focuses on the costs and rationale for improving the quality of life for people.