Welfare definition of economics

The welfare definition of economics is an attempt by Alfred Marshall, a pioneer of neoclassical economics, to redefine his field of study. This definition expands the field of economic science to a larger study of humanity. Specifically, Marshall's view is that economics studies all the actions that people take in order to achieve economic welfare. In the words of Marshall, "man earns money to get material welfare." Others since Marshall have described his remark as the "welfare definition" of economics. This definition enlarged the scope of economic science by emphasizing the study of wealth and humanity together, rather than wealth alone. In his widely read textbook, Principles of Economics, published in 1890, Marshall defines economics as follows:Political Economy or Economics is a study of mankind in the ordinary business of life; it examines that part of individual and social action which is most closely connected with the attainment and with the use of material requisites of well-being.

Multiple subset sum

The multiple subset sum problem is an optimization problem in computer science and operations research. It is a generalization of the subset sum problem. The input to the problem is a multiset of n integers and a positive integer m representing the

Neutrality (social choice)

In social choice theory, Neutrality is a basic requirement of a social choice rule. It says that the rule does not discriminate apriori between different candidates. In other words, if the vector of candidates is permuted arbitrarily, then the returned

Egalitarian rule

In social choice and operations research, the egalitarian rule is a rule saying that, among all possible alternatives, society should pick the alternative which maximizes the minimum utility of all individuals in society. It is a formal mathematical

Next-fit bin packing

Next-fit is an online algorithm for bin packing. Its input is a list of items of different sizes. Its output is a packing - a partition of the items into bins of fixed capacity, such that the sum of sizes of items in each bin is at most the capacity

Bin covering problem

In the bin covering problem, items of different sizes must be packed into a finite number of bins or containers, each of which must contain at least a certain given total size, in a way that maximizes the number of bins used

Single-minded agent

In computational economics, a single-minded agent is an agent who wants only a very specific combination of items. The valuation function of such an agent assigns a positive value only to a specific set of items, and to all sets that contain it. It

No-justified-envy matching

In economics and social choice theory, a no-justified-envy matching is a matching in a two-sided market, in which no agent prefers the assignment of another agent and is simultaneously preferred by that assignment

Ryser's conjecture

In graph theory, Ryser's conjecture is a conjecture relating the maximum matching size and the minimum transversal size in hypergraphs

Pseudopolynomial time number partitioning

In computer science, pseudopolynomial time number partitioning is a pseudopolynomial time algorithm for solving the partition problem

Homotopic connectivity

In biology, homotopic connectivity is the connectivity between mirror areas of the human brain hemispheres