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)
“Religion and art spring from the same root and are close kin. Economics and art are strangers.”
—Willa Cather (1876–1947)
“Every word was once a poem. Every new relation is a new word.”
—Ralph Waldo Emerson (1803–1882)
“At a distance, we cannot conceive of the authority of a despot who knows all his subjects on sight.”
—Stendhal [Marie Henri Beyle] (1783–1842)