Welfare Economics

  • Magnus Johannesson
Part of the Developments in Health Economics and Public Policy book series (HEPP, volume 4)


Economics is concerned with the allocation of scarce resources. The amount of resources (labour, materials, natural resources, etc) available to a society can be considered as fixed at a given moment of time. This means that choices have to be made concerning how to use these resources, e.g. the amount of education that is provided can only be increased if the production of some other goods is decreased.


Market Failure Demand Curve Marginal Rate Social Welfare Function Pareto Principle 
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Copyright information

© Springer Science+Business Media Dordrecht 1996

Authors and Affiliations

  • Magnus Johannesson
    • 1
  1. 1.Stockholm School of EconomicsSweden

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