Paretian Welfare Economics
Paretian welfare economics rests on the assumed value judgment that, if a particular change in the economy leaves at least one individual better off and no individual worse off, social welfare may be said to have increased.
Read more about this topic: Welfare Economics
Famous quotes containing the words welfare and/or economics:
“Borrow a child and get on welfare.
Borrow a child and stay in the house all day with the child,
or go to the public park with the child, and take the child
to the welfare office and cry and say your man left you and
be humble and wear your dress and your smile, and don’t talk
back ...”
—Susan Griffin (b. 1943)
“There is no such thing as a free lunch.”
—Anonymous.
An axiom from economics popular in the 1960s, the words have no known source, though have been dated to the 1840s, when they were used in saloons where snacks were offered to customers. Ascribed to an Italian immigrant outside Grand Central Station, New York, in Alistair Cooke’s America (epilogue, 1973)