Social well-being in an economy is how economic agents can be used in the interests of a social good, or the well-being of a society. Welfare economics studies how to distribute income in order to achieve more equal income in society and reduce socio-economic problems. Welfare economics looks at the ideas and preferences of individuals at the macroeconomic level and tries to apply these ideas at the macroeconomic level. Welfare economics, however, faces challenges and some controversy, as “social good” is difficult to measure and has many different definitions and opinions.
Remember: The process of learning a person lasts a lifetime. The value of the same knowledge for different people may be different, it is determined by their individual characteristics and needs. Therefore, knowledge is always needed at any age and position.