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A variety of measures of national income and output are used in economics to estimate total economic activity in a country or region, including gross domestic product (GDP), Gross national income (GNI), net national income (NNI), and adjusted national income (NNI adjusted for natural resource depletion – also called as NNI at factor cost).
Gross domestic product (GDP) is a monetary measure of the market value [2] of all the final goods and services produced and rendered in a specific time period by a country [3] or countries.
The concept of inequality is distinct from that of poverty [5] and fairness. Income inequality metrics (or income distribution metrics) are used by social scientists to measure the distribution of income, and economic inequality among the participants in a particular economy, such as that of a specific country or of the world in general.
Theoretical Welfare Economics, ISBN 978-0-521-09446-7 Cambridge University Press. Harberger, Arnold C. (1971) "Three Basic Postulates for Applied Welfare Economics: An Interpretive Essay", Journal of Economic Literature, 9(3), pp. 785–97; Just, Richard et al. (2004), The Welfare Economics of Public Policy, Edward Elgar Publishing.
Redistribution of income and wealth is the transfer of income and wealth (including physical property) from some individuals to others through a social mechanism such as taxation, welfare, public services, land reform, monetary policies, confiscation, divorce or tort law. [1]
These tables are lists of social welfare spending as a percentage of GDP compiled by Organisation for Economic Co-operation and Development ("OECD") into the OECD Social Expenditure Database which "includes reliable and internationally comparable statistics on public and mandatory and voluntary private social expenditure at programme level." [1]
Social expenditure as % of GDP (). A welfare state is a form of government in which the state (or a well-established network of social institutions) protects and promotes the economic and social well-being of its citizens, based upon the principles of equal opportunity, equitable distribution of wealth, and public responsibility for citizens unable to avail themselves of the minimal provisions ...
Economic surplus, the total economic benefit or gains from trade provided for society; Social welfare function, a function that aggregates individual welfares to create an overall social welfare Social choice theory, the study of welfare aggregation; Welfare economics, the study of social well-being