Welfare Economics - Welfare Economics in Relation To Other Subjects

Welfare Economics in Relation To Other Subjects

Welfare economics uses many of the same techniques as microeconomics and can be seen as intermediate or advanced microeconomic theory. Its results are applicable to macroeconomic issues so welfare economics is somewhat of a bridge between the two branches of economics.

Cost-benefit analysis is a specific application of welfare economics techniques, but excludes the income distribution aspects.

Political science also looks into the issue of social welfare (political science), but in a less quantitative manner.

Human development theory explores these issues also, and considers them fundamental to the development process itself.

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Famous quotes containing the words welfare, economics, relation and/or subjects:

    Whether in the field of health, education or welfare, I have put my emphasis on preventive rather than curative programs and tried to influence our elaborate, costly and ill- co-ordinated welfare organizations in that direction. Unfortunately the momentum of social work is still directed toward compensating the victims of our society for its injustices rather than eliminating those injustices.
    Agnes E. Meyer (1887–1970)

    The new sound-sphere is global. It ripples at great speed across languages, ideologies, frontiers and races.... The economics of this musical esperanto is staggering. Rock and pop breed concentric worlds of fashion, setting and life-style. Popular music has brought with it sociologies of private and public manner, of group solidarity. The politics of Eden come loud.
    George Steiner (b. 1929)

    Our sympathy is cold to the relation of distant misery.
    Edward Gibbon (1737–1794)

    Under the dominion of an idea, which possesses the minds of multitudes, as civil freedom, or the religious sentiment, the power of persons are no longer subjects of calculation. A nation of men unanimously bent on freedom, or conquest, can easily confound the arithmetic of statists, and achieve extravagant actions, out of all proportion to their means; as, the Greeks, the Saracens, the Swiss, the Americans, and the French have done.
    Ralph Waldo Emerson (1803–1882)