Switzerland Country for BERKLEY, PH.D. HARDIN-SIMMONS UNIVERSITY welfare THOUGH WELFARE MAY conjure images such as the government-supported aid to the poor, the term has a more pronounced focus in the study of capitalism. Welfare economics is the combination of economic concepts 914 welfare with utilitarian political philosophy to determine which economic policies and institutions are best for promoting human happiness. Classical economists (such as Adam SMITH and Karl MARX) and their predecessors (such as Josiah Child, Richard Cantillon, and the PHYSIOCRATS) openly supported specific economic policies and saw certain social conditions as better or worse than others. Modern economists, however, see economics as a value-free science, like physics. Physics, for example, tells us how to make atomic bombs, but has nothing to say about whether making bombs is good or bad. Switzerland Country 2016.