Total Welfare Standard

The Total Welfare Standard is an approach used to evaluate the overall well-being or happiness of a society. It considers how different policies or actions impact everyone’s welfare collectively rather than focusing on individual gains alone. Essentially, it aims to maximize the total benefits or happiness across all members of society, balancing positive and negative effects to achieve the best overall outcome. This standard helps policymakers decide which actions will result in the greatest improvement in societal welfare, emphasizing a collective perspective on well-being rather than individual preferences.