total welfare maximization

Total welfare maximization is an economic concept focused on achieving the highest overall well-being or satisfaction for society as a whole. It involves allocating resources and making decisions in a way that maximizes the combined benefits for everyone, considering factors like production, consumption, and distribution. Policymakers aim to create conditions where the total happiness, health, and prosperity of individuals are optimized, ensuring that resources are used efficiently to improve collective quality of life without unnecessary waste or inequality.