Explain the relationship between wealth and welfare.

1.	Explain the relationship between wealth and welfare.
Answer» Relationship between wealth and welfare: (a) For individual wealth: Generally, as wealth increases, welfare increases. The reason for this is that more wealth increases the capacity to generate monetary value, greater power to exchange goods or purchasing power for the owner and hence greater wellbeing. This is largely true in case of individuals i.e. individual wealth. (b) For national wealth: When national income increases, national wealth can increase. But, the welfare of people will increase only if this national income is distributed proportionately among all sections of the society and among all sectors. Nation’s welfare also depends upon social and cultural formation and hence there is not always a direct relation between wealth and welfare in a society.

Answer»

Relationship between wealth and welfare:
(a) For individual wealth:

Generally, as wealth increases, welfare increases. The reason for this is that more wealth increases the capacity to generate monetary value, greater power to exchange goods or purchasing power for the owner and hence greater wellbeing. This is largely true in case of individuals i.e. individual wealth.

(b) For national wealth:

When national income increases, national wealth can increase. But, the welfare of people will increase only if this national income is distributed proportionately among all sections of the society and among all sectors.
Nation’s welfare also depends upon social and cultural formation and hence there is not always a direct relation between wealth and welfare in a society.

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Explain the relationship between wealth and welfare.

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