Economic well-being

Economic well-being

Welfare economics is a branch of economics that uses microeconomic techniques to assess the level of overall well-being. Economic well-being is defined as happiness and well-being in economic terms.
This branch focuses on the study of how the allocation of resources and goods affects the well-being of society and is directly interconnected with the study of economic efficiency and income distribution, and how they affect the overall well-being of individuals in the economy.

Welfare economics begins using utility theory in microeconomics, where utility refers to the value associated with a particular good or service. In general microeconomic theory individuals seek to maximize utility through their actions and consumption choices. Competitive markets interact through the laws of supply and demand, resulting in producer and consumer surplus. Economic well-being is an indicator of efficiency and fairness in the distribution of income and resources in society.

It aims to achieve a balance in distribution so that there is no distinct group at the expense of the other. It seeks to achieve the maximum standard of living for all members of society without exception.

Countries need to achieve an optimal welfare state, where the maximum standard of living is achieved for all individuals. Countries seek to achieve high indicators of well-being, and in this context, the following table shows the economic well-being index according to the ranking in the Arab countries, where Bahrain comes first, followed by the Emirates, and in third place comes Saudi Arabia.

Country the average
the two seas 6.64
The UAE 6.57
Saudi Arabia 6.52
Kuwait 6.106
Libya 5.33
Algeria 5.122
Morocco 5.060
Tunisia 4.516
Egypt 4.288
Yemen 4.197
Jordan 3.152
Lebanon 2.955

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