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 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)
“Women’s battle for financial equality has barely been joined, much less won. Society still traditionally assigns to woman the role of money-handler rather than money-maker, and our assigned specialty is far more likely to be home economics than financial economics.”
—Paula Nelson (b. 1945)
“Among the most valuable but least appreciated experiences parenthood can provide are the opportunities it offers for exploring, reliving, and resolving one’s own childhood problems in the context of one’s relation to one’s child.”
—Bruno Bettelheim (20th century)
“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)