“consequences for human welfare involved in questions”

[andypassword]

https://cei.org/blog/robert-lucas-economist-of-possibilities-1937-2023/

The consequences for human welfare involved in questions like these are simply staggering: Once one starts to think about them, it is hard to think about anything else.

I have two questions about the underlined part of the sentence.

First, does "consequence" in this context mean result as "in the consequences of her actions", or importance as in "This question is of little consequence"?
I suspect it's the former, but I’m not 100% sure.

Second, does “involved in questions” modify “consequences” or “human welfare”? I think the former fits better, but I’m not so sure about it.

Thanks a lot.

 

[teechar]

First, does "consequence" in this context mean s result as in "the consequences of her actions", or importance as in "This question is of little consequence"?

It means importance or significance.

My hunch leans on the formal,

I think you mean:
I suspect it's the former,

Second, does “involved in questions” modify “consequences” or “human welfare”? I think the formal former is fits better, but I’m not so sure about it.

Yes, it's related to "consequences".