Total Welfare

Total welfare refers to the overall well-being and economic health of a society, combining the benefits received by individuals (like income, services, and quality of life) with societal factors such as economic growth and resource distribution. It reflects the total value generated through economic activities, as well as how fairly resources are allocated, ensuring that the majority benefit and any negative impacts are minimized. In essence, total welfare measures the collective happiness, prosperity, and stability of a community or nation, aiming for results where society as a whole is better off.