Externality

An economic/social intervention (or lack of it) might produce benefits (or costs) to society as a whole, as well as for those directly impacted. (see also Option Value)

Evidence-Based Policy Making

A method that informs policy makers with a scientific approach about some or all of the consequences that their decision might have.

Egalitarian Approach

A process that gives more weight to increasing the wellbeing of a disadvantaged person than to increasing the wellbeing of an advantaged person. (see also Utility)