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:
“You can’t talk about a kind of democracy unless those who are affected by decisions make those decisions whether the institutions in question be the welfare department, the university, the factory, the farm, the neighborhood, the country.”
—Casey Hayden (b. c. 1940)
“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)