Private welfare vs.social welfare Important distinction between private and social welfare Private welfare is the utility level isolated to one individual within a society Actions that increase or decrease this quantity are said to have private benefits or private costs. Social welfare is the summed utility levels of all individuals within a society Actions that increase or decrease this quantity are said to have social benefits or social costs. Bhattacharya,Hyde and Tu-HealthEconomicsBhattacharya, Hyde and Tu – Health Economics Private welfare vs. social welfare  Important distinction between private and social welfare  Private welfare is the utility level isolated to one individual within a society  Actions that increase or decrease this quantity are said to have private benefits or private costs.  Social welfare is the summed utility levels of all individuals within a society  Actions that increase or decrease this quantity are said to have social benefits or social costs