Welfare economics

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Welfare economics is the popular theory of a group, sometimes called the welfare school, who believe they can improve capitalistic conditions by interventions which they claim will reduce poverty, economic insecurity and inequalities in income and wealth. Their policies are inconsistent with their aims in that they seek higher living standards for the masses while advocating policies which grant special privileges that tend to reduce human incentives and capital accumulation, without which higher productivity and living standards become impossible.[1]


  1. Percy L. Greaves, Jr. "Mises Made Easier ", 1974. Referenced 2014-08-26.