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Social welfare function - Wikipedia, the free encyclopedia (398 words) |
 | A social welfare function, in welfare economics, is a function which gives a measure of the material welfare of society, given a number of economic variables as inputs. |
| In this form, social welfare is a function of the levels of utility of members in society. |
| Here, the social welfare of society is taken to be related to the income of the poorest person in the society, and maximising welfare would mean maximising the income of the poorest person without regard for the incomes of the others. |
| The Welfare State (1947 words) |
| Social insurance, which covers the costs of health, some social care and much of the income maintenance system, is managed by a system of independent funds. |
| Social protection in France is based on the principle of solidarity: the commitment is declared in the first article of the French Code of Social Security. |
| The United States is sometimes described as a ‘liberal' welfare regime, in the sense that it represents individualism, laissez-faire, residualism and a punitive view of poverty. |
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