ABSTRACT
Welfare economics is that branch of economics that has for its agenda the study of criteria for ranking alternative economic situations along the scale of better or worse. Such a statement is both descriptive and definitional. And if I happen to think it wonderfully illuminating and you happen to think otherwise, our difference may be explained by the fact that I have been dabbling in the subject for some twenty years. Let me concede, therefore, that it may not be quite so crystal clear to you as I imagine it is to me, especially if you are new to economics. So a little elaboration may help.
