Investopedia contributors come from a range of backgrounds, and over 25 years there have been thousands of expert writers and editors who have contributed. Robert Kelly is managing director of XTS ...

Welfare economics examines the allocation of resources and its impact on individual and social well‐being. Rooted in classical notions of Pareto efficiency, the field has evolved to encompass a broad ...

The introduction of subsidies into insurance rates constitutes a type of quasi-welfare payment but leaves open the question of whether social welfare is increased, decreased, or unchanged by the ...

Explore John R. Hicks' impact on economics, including his Nobel-winning work in general equilibrium and welfare theory, and ...

James Buchanan wrote "An Economic Theory of Clubs" and invented clubs to support a form of welfare economics in which there is no social welfare function (SWF) and individual utility functions cannot ...

EVERY JANUARY a curious migration occurs. Thousands of economists from around the world flock to a big American city for the annual meetings of the American Economic Association (AEA). The pandemic ...