This paper applies four different measures of equity, efficiency, and neoclassical social welfare to data from Latin American countries, cities, and sectors. The more important findings deal with the change in equity in the intra-coufitry, inter-country, and sectoral (nonagricultural vs. agricultural, urban vs. rural) comparisons. Having presented the empirical results, the author challenges the view that social welfare is measurable solely as a function of equity and efficiency and argues for a broadening of these narrow criteria.