Question

What is a social welfare function and what does it represent? How and why might a social welfare function differ when using an efficiency standard versus a safety standard versus a sustainability standard? Explain in terms of fairness weights.

Answer 1

According to Samuelson social welfare definition mainly focus on welfare of society. As per social welfare function the social States or areas categorised based on the desirability. Society areas and it's inputs like variable that direct or indirectly affect the economic welfare of a society. Social welfare function is to consider various factors of production and it's various constraints or limitations regarding land ,labour,capital entrepreneurship.
Here efficiency standard means keeping efficiency in a resource it may limited resource and from that reosource use by keeping a standard is known as efficiency standard . And safety standard mainly focus in the safety of goods and services for consumers include all public.
Sustainability standard keeping a standard while consuming or utilising the resources with consideration of our future generation that is sustainability standard .and the social welfare function is included these both three standards.