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:
“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)
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—George Steiner (b. 1929)
“Science is the language of the temporal world; love is that of the spiritual world. Man, indeed, describes more than he explains; while the angelic spirit sees and understands. Science saddens man; love enraptures the angel; science is still seeking, love has found. Man judges of nature in relation to itself; the angelic spirit judges of it in relation to heaven. In short to the spirits everything speaks.”
—Honoré De Balzac (1799–1850)
“Intellectuals have opinions on subjects they just heard about five minutes ago.”
—Mason Cooley (b. 1927)