1.   Every Novice student learns the elementary propositions of welfare economics.

2.   In welfare economics we are taught that to internalize externalities by appropriate contracts is socially desirable.

3.   The theory challenges the assumption of orthodox welfare economics that the existence of Market failure is sufficient reason for governmental intervention.

4.   He is a specialist in welfare economics, the discipline that tries to establish quantitative ways of assessing quality of life.

5.   The economics prize goes to Amartya Sen for his work in analyzing the causes behind famines and other work in the area of welfare economics.