Updated: Aug 20, 2021

1. The state of well-being of an individual or a society. The level of welfare measures the degree of contentment of an individual or a society. For an individual this is represented by a utility function and for a society by a social welfare function. 2. Welfare is US terminology for an income support programme.

Reference: Oxford Press Dictonary of Economics, 5th edt.

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James Knight
Editor of Education
James is the Editor of Education for Invezz, where he covers topics from across the financial world, from the stock market, to cryptocurrency, to macroeconomic markets.... read more.