The Welfare Economy

Abstract

The article introduces the concept of "economy of well-being" (widespread) as a set of economic factors that should allow all the territories of the planet to offer their inhabitants agricultural and artisanal goods essential for survival, overcoming the profound disparities in wealth that characterize both rich and poor countries. Despite advances in civilization and science, a sizable portion of the world's population still lives in poverty, even in seemingly affluent societies such as America and Europe. Welfare economics does not aim to revolutionize the existing social order or to combat wealth or the middle class but focuses on supporting the poorest and most marginalized sections of society. The goal is to guarantee these people access essential goods without exchanging money, through the creation of a "second market" parallel to the traditional one. This second market would be fed by dedicated agricultural production (excluding meat and fish) and managed by public or private bodies that would guarantee its operation and sustainability. The active participation of beneficiaries is seen as a key element to reducing management costs and promoting social inclusion. The structure of the second market could absorb some of the unemployment and poverty generated by the traditional economic system, without interfering with the functioning of the ordinary market. The article also delves into the definition of poverty, pointing out that it is not just about income, but also about insecurity, powerlessness, social exclusion, and lack of access to essential services such as clean water, education, and health. Despite progress in recent decades (such as the drastic reduction of extreme poverty in China and India), poverty remains a global challenge, exacerbated by recent events such as the Covid-19 pandemic. Finally, the author argues that the Earth has the capacity to produce enough food for all its inhabitants and that the solution lies in better distribution of resources and the creation of a second market without money, dedicated to the poorest. This model, although difficult to start, could represent an opportunity to reduce poverty, create employment, and also contribute to environmental sustainability, thanks to a more widespread agricultural production oriented towards collective well-being.