Welfare economics focuses evaluating the economic well being of the population under a given economic zone using the general equilibrium theory with respect to the economic efficiency of the zone and the subsequent income distribution among the resident population. This branch of economics concerns itself with individuals and the income generating economic activity undertaken by them as the basic units used for aggregating social welfare. As stated before, the branch involves the use of some fundamental economic concepts like the Pareto efficiency, cost-benefit analysis etc. There are two main types of approaches used –the Neoclassical approach and the New Welfare Economics approach with each differing from the other in terms of the ideology of approach and the methods used to evaluate the mechanics of the economic activity. Due to its variable applicability and the sheer number of economic techniques and concepts it amalgamates to Due to its variable applicability and the sheer number of economic techniques and concepts it amalgamates to engage with its concern, students often need expert guidance when engaging with the subject on a deeper level. They also might need welfare economics assignment help to compete with their academic requirements or quell their curricular exigencies.
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