Editing Economics (section)

=== Welfare ===
{{main|Welfare economics}}

Welfare economics uses microeconomics techniques to evaluate [[well-being]] from [[Allocation of resources|allocation]] of [[factors of production|productive factors]] as to desirability and [[economic efficiency]] within an [[economy]], often relative to competitive [[general equilibrium]].<ref>{{Cite encyclopedia |last=Deardorff |first=Alan V. |dictionary=Deardorffs' Glossary of International Economics |date=2016 |orig-date=2006 |title=Welfare economics |via=Alan Deardorff at University of Michigan |url=http://www-personal.umich.edu/~alandear/glossary/w.html#WelfareEconomics |archive-url=https://web.archive.org/web/20170320065124/http://www-personal.umich.edu/~alandear/glossary/w.html |archive-date=2017-03-20 }}</ref> It analyses ''social [[Well-being|welfare]]'', however [[Social welfare function|measured]], in terms of economic activities of the individuals that compose the theoretical society considered. Accordingly, individuals, with associated economic activities, are the [[methodological individualism|basic units]] for aggregating to social welfare, whether of a group, a community, or a society, and there is no "social welfare" apart from the "welfare" associated with its individual units.