Material Welfare Evaluation (1)

Merits
(a) Welfare definitions of economic are more relevant, comprehensive and scientific than wealth definitions. Credit for transforming economics as a science of human welfare from a science of wealth goes to these definitions. Welfare definition stresses the fact that economics does not study wealth alone rather it studies human welfare aspects as well. Thus, welfare definition has accorded economics a status of a superior social science. Consequently Economics is being regarded as “an engine of social betterment”.

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