Social Optimum

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August 31, 2024 3 min read Definitions
Production Externality: External Effects in Production
Economics Environmental Economics Externalities Production Pollution Social Optimum Economics
An external effect of production that affects third parties other than the producer. Examples include pollution as a negative externality and pollination as a positive externality.
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August 31, 2024 4 min read Definitions
Social Optimum: Maximizing Social Welfare
Economics Social Sciences Social Optimum Social Welfare Utility Economics Optimization
The social optimum is the point on the utility possibility frontier that maximizes social welfare, representing the allocation chosen by a benevolent social planner constrained only by the endowment of resources.
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