Aggregate Welfare

Aggregate welfare refers to the overall well-being or economic health of a society, combining the satisfaction and benefits of all its members. It measures how well the collective community is doing, considering factors like income, employment, health, and access to resources. economists use aggregate welfare to evaluate the effectiveness of policies or economic changes, aiming to improve living standards for everyone. Essentially, it’s a way to assess the total happiness and prosperity of a population, rather than focusing on individual cases.