Economics of Engineering, first bad decision

Professor Garcia started out the day explaining a theory about maximizing social welfare. Being a patriot (Sarcasm intended) I wrote that off as something that couldn't be all that valuable. Who would actually pay someone to figure out what is best for everyone rather than what is best for them?

Now I have to go back and figure out what I missed because our homework is on this subject. Also the course material is delivered through lecture and the book is just a reference so that is a non starter.