While economic theory in general may be defined as the theory of how an economic condition or an economic development is determined within an institutional framework, the welfare theory deals with how to judge whether one condition can be said to be better in some way than another and whether it is possible, by altering the institutional framework, to achieve a better condition than the present one.
Kenneth ArrowRelated topics
altering condition development general judge possible present way whileRelated quotes
All these problems constantly come in the work of political and social development. But they stand for a vast progression toward better conditions, a better society, a better economic system. In approaching them, we need to have in mind the Federalist's analysis of our constitutional system: - The powers delegated to the Federal Government are few and defined; those to remain in the hands of the State government are numerous and indefinite.
Calvin Coolidge
Voltaire remarked that it is possible to kill a flock of sheep by witchcraft if you give them plenty of arsenic at the same time. The sheep, in this figure, may well stand for the complacent apologists of capitalism; Marx's penetrating insight and bitter hatred of oppression supply the arsenic, while the labour theory of value provides the incantations.
Joan Robinson
In general, the nightmare quality of Marx's thought gives it, in this bedevilled age, an air of greater reality than the gentle complacency of the orthodox academics. Yet he, at the same time, is more encouraging than they, for he releases hope as well as terror from Pandora's box, while they preach only the gloomy doctrine that all is for the best in the best of all possible worlds.
Joan Robinson
Three women were brought to the Singapore General Hospital, each in the same condition and needing a blood transfusion. The first, a Southeast Asian was given the transfusion but died a few hours later. The second, a South Asian was also given a transfusion but died a few days later. The third, an East Asian, was given a transfusion and survived. That is the X factor in development.
Lee Kuan Yew
A true community consists of individuals - not mere species members, not couples - respecting each others individuality and privacy while at the same time interacting with each other mentally and emotionally - free spirits in free relation to each other - and co-operating with each other to achieve common ends. Traditionalists say the basic unit of "society" is the family; "hippies" say the tribe; noone says the individual.
Valerie Solanas