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:
“I have an intense personal interest in making the use of American capital in the development of China an instrument for the promotion of the welfare of China, and an increase in her material prosperity without entanglements or creating embarrassment affecting the growth of her independent political power, and the preservation of her territorial integrity.”
—William Howard Taft (1857–1930)
“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)