WordReference Random House Unabridged Dictionary of American English © 2026
welfare economics, 
  1. Businessa branch of economics concerned with improving human welfare and social conditions chiefly through the optimum distribution of wealth, the relief or reduction of unemployment, etc.

Collins Concise English Dictionary © HarperCollins Publishers::
welfare economics n (functioning as singular)
  1. the aspects of economic theory concerned with the welfare of society and priorities to be observed in the allocation of resources

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