Abstract
The basic theory of welfare economics enables one to identify how far the market is operating ‘efficiently’. This is taken to mean how far the market allocates resources in such a way as to make the maximum contribution – given resources and technical knowledge – to society’s economic welfare.
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Beckerman, W. (2017). From Economic ‘Efficiency’ to Economic Welfare. In: Economics as Applied Ethics. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-319-50319-6_7
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DOI: https://doi.org/10.1007/978-3-319-50319-6_7
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Online ISBN: 978-3-319-50319-6
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