Social benefit

{
  "id": "MLC-T-ENV-025903",
  "term": "Social benefit",
  "field": "Environment",
  "term_source": "Social Benefit",
  "definitions": [
    "1. The net benefit considerations of long-range societal values at the regional or national level which might not be taken into account in the profit and loss statement of an individual farmer, forest operator, industrialist or other private citizen. (Wash. State Univ., Coop. Ext. Serv. 1972) Note that this term in economic usage does not include the profit and loss statements of such legally defined individuals as corporations. Their profits and losses are assumed to appear in the statement of single individuals. In common usage \"social benefits\" is often used when referring to the externality benefits accruing to groups of individuals or to society as a whole.\n\n2. The sum of all positive changes in societal well-being experienced as a result of the regulation or policy action. Economists define benefits by focusing on changes in individual well-being, referred to as welfare or utility. Willingness to pay (WTP) is the preferred measure of these changes as it theoretically provides a full accounting of individual preferences across trade-offs between income and the favorable effects.",
    "The sum of all positive changes in societal well-being experienced as a result of the regulation or policy action. Economists define benefits by focusing on changes in individual well-being, referred to as welfare or utility. Willingness to pay (WTP) is the preferred measure of these changes as it theoretically provides a full accounting of individual preferences across trade-offs between income and the favorable effects."
  ],
  "subject": [
    "Social and economic factors",
    "General environmental"
  ],
  "references": [
    "C.F.S; USDA Forest Service Wildland Planning Glossary",
    "Economic Analyses Glossary",
    "Preparing Economic Analyses Glossary"
  ],
  "url": "https://mlchart.com/terminology/environment/social-benefit/"
}