Abstract
Broadly speaking, welfare economics over the past three-quarters of a century deserves credit for many signal developments in the world economy: the expansion of free trade, the extension of competition, and the deregulation of industries such as transportation, energy, communications and finance. Every world leader with a university degree now probably subscribes to the broad principles of welfare economics — in theory, if not always in practice.KeywordsWelfare EconomicNormative AnalysisPareto ImprovementCompensate VariationLeaky BucketThese keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.
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