labor supply

(redirected from Welfare economics)
Also found in: Dictionary, Financial, Wikipedia.
See: personnel
Mentioned in ?
References in periodicals archive ?
With Samuelson, welfare economics itself finally proved what it had set out to disprove--that is, the methodological capacity of economic experts to dictate public policy.
The first theorem of welfare economics is Pareto optimality, which states that an economy is in an equilibrium constituting optimum welfare when all exchanges of goods between economic actors have taken place, this being identified by the impossibility of a reallocation of goods that would not leave at least one actor worse off.
In the chapters that attack policy making based on concerns of happiness and well-being, White discusses how the historical development of utilitarian moral philosophy worked in tandem with the development of welfare economics.
There is a large, general literature on behavioral welfare economics, including Bernheim (2009), Bernheim and Rangel (2009), Manzini and Mariotti (2012, 2014), Rubinstein and Salant (2012), Salant and Rubinstein (2008), and Sugden (2004).
His concerns about competitive equilibrium and optimality under uncertainty conditions led him to publish what would be recognised as the seminal article on Health Economics, "Uncertainty and the welfare economics of medical care".
The same is true for Rothbard's approach to welfare economics, which also comes under fire.
As welfare economics developed, it acquired the same formalistic character as the rest of economic theory came to acquire.
The era of mindless welfare economics is over as it caused strain on the financial health of the country.
However, Sen's preference to 'formally' work on welfare economics and human deprivation has been misrepresented - by Bhagwati - to be anti-growth.
However, the link between profit and prosperity is not often clear, partly because the development of theoretical welfare economics has obscured the factors that lead to prosperity, which in turn has painted a misleading picture of the role of profit in a market economy.
His contributions to economics span development economics, welfare economics, industrial organization, and public economics.
Incorporating the contribution of Sen (1999) on welfare economics, economic growth should meet the demands of the people.