Social planner Guide, Meaning , Facts, Information and Description
In welfare economics, a social planner is a decision-maker who attempts to achieve the best result for all parties involved. In neo-classical welfare economics, this means the maximization of a social welfare function. In modern welfare economics, there is more of an emphasis on Pareto optimality, in which no one's outcome can be improved without worsening someone else's outcome. Pareto-optimal solutions are not unique, and according to the Second Fundamental Theorem of Welfare Economics, a social planner can achieve any Pareto-optimal outcome by an appropriate redistribution of wealth.
In practice, the social planner role is generally played by a government. It should be noted, however, that real governments have incentives other than the benefit of their people. This problem is studied in public choice economics.
This is an Article on Social planner. Page Contains Information, Facts Details or Explanation Guide About Social planner