WordReference Random House Unabridged Dictionary of American English © 2020
welfare economics, 
  • Businessa branch of economics concerned with improving human welfare and social conditions chiefly through the optimum distribution of wealth, the relief or reduction of unemployment, etc.

  • Collins Concise English Dictionary © HarperCollins Publishers::
    welfare economics n (functioning as singular)
    1. the aspects of economic theory concerned with the welfare of society and priorities to be observed in the allocation of resources

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