Harvey S. Rosen - Welfare Quotes

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"Welfare" in the United States is a patchwork of more than 80 programs that provide benefits primarily to low-income individuals. These programs are means tested - only individuals whose financial resources fall below a certain level can receive benefits.

Harvey S. Rosen

The First Welfare Theorem holds only if all consumers and firms are price takers. If some individuals or firms are price makers (they have the power to affect prices), then the allocation of resources will generally be inefficient.

Harvey S. Rosen

A social welfare function is simply a statement of how society's well-being relates to the well- being of its members.

Harvey S. Rosen