welfarism

noun

1. (uncountable)An axiology or ethical theory in which value is determined by the well-being (e.g., happiness) of people or other sentient beings.

   “More precisely, Kaplow and Shavell (2001) have shown that the Pareto principle does not hold when the planner departs from welfarism, i.e., when the [social welfare function] does not only include the agents’ utility.”

2. (derogatory, rare, uncountable)The belief in or support for a welfare state.

   “So, I think we have way too much compromise, and we need to define what we believe in. We either believe in welfarism and socialism and big government, or we believe in liberty and limited government and in the Constitution.”