1. It was conceived in the 1980s as an alternative Approach to welfare economics

2. 4 In welfare economics we are taught that to internalize externalities by appropriate contracts is socially desirable.

3. Welfare biology - Yew-Kwang Ng defines animal welfare in terms of welfare economics: "Welfare biology is the study of living things and their environment with respect to their welfare (defined as net happiness, or enjoyment minus suffering).