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.
Read more about this topic: Welfare Economics
Famous quotes containing the words welfare, economics, relation and/or subjects:
“I have great faith in ‘ordinary parents.’ Who has a child’s welfare more at heart than his ordinary parent? It’s been my experience that when parents are given the skills to be more helpful, not only are they able to use these skills, but they infuse them with a warmth and a style that is uniquely their own.”
—Haim Ginott (20th century)
“I am not prepared to accept the economics of a housewife.”
—Jacques Chirac (b. 1932)
“Skepticism is unbelief in cause and effect. A man does not see, that, as he eats, so he thinks: as he deals, so he is, and so he appears; he does not see that his son is the son of his thoughts and of his actions; that fortunes are not exceptions but fruits; that relation and connection are not somewhere and sometimes, but everywhere and always; no miscellany, no exemption, no anomaly,—but method, and an even web; and what comes out, that was put in.”
—Ralph Waldo Emerson (1803–1882)
“There are few places outside his own play where a child can contribute to the world in which he finds himself. His world: dominated by adults who tell him what to do and when to do it—benevolent tyrants who dispense gifts to their “good” subjects and punishment to their “bad” ones, who are amused at the “cleverness” of children and annoyed by their “stupidities.””
—Viola Spolin (b. 1911)