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.
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Famous quotes containing the words welfare and/or economics:
“Power has only one duty—to secure the social welfare of the People.”
—Benjamin Disraeli (1804–1881)
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—James Thurber (1894–1961)
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