welfare

Definition

Refers to the economic well being of an individual, group, or economy. For individuals, it is conceptualized by a utility function. For groups, including countries and the world, it is a tricky philosophical concept, since individuals fare differently. In trade theory, an improvement in welfare is often inferred from an increase in real national income.

Use welfare in a sentence

A country that supports the welfare of its citizens will strive to increase employment, offer aid and improve overall happiness and well-being.

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