Welfare Economics
Welfare economics is a branch of economics that focuses on evaluating the economic well-being and social welfare of individuals and society as a whole. It uses tools like Pareto efficiency and social welfare functions to analyze how resource allocation, policies, and market outcomes affect overall welfare, aiming to provide normative judgments on economic states and guide policy decisions.
Developers should learn welfare economics when working on projects involving economic modeling, policy analysis, or social impact assessments, such as in fintech, public sector tech, or sustainability initiatives. It helps in designing algorithms for resource allocation, evaluating trade-offs in system design, and understanding the broader societal implications of technology, making it valuable for roles in data science, economic consulting, or tech policy.