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The large diversity of applications and requirements posed to current network en-vironments make the resource allocation problem difficult to work out. This paper proposes a dynamic algorithm based on weighted fair queueing (WFQ) to promote fairness (in the Rawlsian sense) and efficiency (in the Paretian sense) in the al-location of bandwidth for multi-application networks. Utility functions are used to characterize application requirements and provide the informational basis from where the algorithm operates. Aggregation techniques are employed to ensure scal-ability in the network core. Simulation results confirm a significant improvement of our approach over traditional bandwidth allocation algorithms: gains over 59% (62%) on minimum utility in relation to maxmin (proportional) fairness without compromising system utility. The algorithm also provides low errors (below 10% when compared to the zero-delay centralized approach) whenever response time does not exceed 1000 times the timescale involving flow arrivals and departures. Key words: multi-application networks, fairness, utility functions, lexicographic criterion, bandwidth allocatio