"The overall welfare of the society essentially depends on the individual utility level"- In the light of this statement, explain the various approaches of social welfare functions. How does public intervention can meet the problems associated with negative externalities?

The overall welfare of society is often viewed through the lens of individual utility, as each person's well-being contributes to the collective state of society. The concept of social welfare functions (SWFs) arises as a tool to aggregate individual utilities into a measure of societal welfare. This aggregation helps in policy-making and understanding how changes in economic conditions or public policies affect the overall well-being of society. Social welfare functions, however, come with different approaches, each having its own assumptions and methods for evaluating societal welfare.

One of the most prominent approaches is the utilitarian social welfare function, which is based on the total sum of individual utilities. In this approach, the welfare of society is maximized _________ ______ ____ ____ ___ ___ __________.
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