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home / study / business / economics / economics questions and answers / discuss the way economists measure social welfare in markets. what are some concepts they use ... Question: Discuss the way economists measure social welfare in markets. What are some concepts they use for... Discuss the way economists measure social welfare in markets. What are some concepts they use for talking about the benefits markets bring to society? Try to explain these concepts. Are there other ways in which you might measure the benefits of markets to society? do not copy and paste other answer and develop the response

Explanation / Answer

a social welfare function, which can then be used to rank economically feasible allocations of resources in terms of the social welfare they entail. Such functions typically include measures of economic efficiency and equity, though more recent attempts to quantify social welfare have included a broader range of measures including economic freedom (as in the capability approach).

The product and services of the market must be economical and must not be exploitative to the consumer in terms of its price or anything. It must be affordable to the most in good quality. This is social welfare.

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