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welfare economics

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noun
  1. a branch of economics concerned with improving human welfare and social conditions chiefly through the optimum distribution of wealth, the relief or reduction of unemployment, etc.
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2018
British Dictionary definitions for welfare economics

welfare economics

noun (functioning as singular)
  1. the aspects of economic theory concerned with the welfare of society and priorities to be observed in the allocation of resources
Collins English Dictionary - Complete & Unabridged 2012 Digital Edition © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012