Harvey S. Rosen Quotes

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.

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

It may be worthwhile to spend a few million dollars to determine the efficacy of program that would involve spending billions of dollars.

Only empirical work - analysis based on observation and experience as opposed to theory - can answer the question of how labor force behavior is affected by changes in the tax system. Even intense armchair speculation on this matter must be regarded with considerable skepticism.

In this country, the number of individuals on the government payroll certainly underestimates the importance of government.

Peoples views on how the government should conduct its financial operations are heavily influenced by their political philosophies.