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)
“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)
“Concord is just as idiotic as ever in relation to the spirits and their knockings. Most people here believe in a spiritual world ... in spirits which the very bullfrogs in our meadows would blackball. Their evil genius is seeing how low it can degrade them. The hooting of owls, the croaking of frogs, is celestial wisdom in comparison.”
—Henry David Thoreau (1817–1862)
“It is hard to be finite upon an infinite subject, and all subjects are infinite.”
—Herman Melville (1819–1891)