By Randall J. Strossen, Ph.D. It's no lie that the guts of a gym, for us, is a barbell, a set of squat racks, and a lifting platform. And while most people who lift weights are no strangers to the first two, unless you snatch and clean and jerk, you probably don't have a clear idea about how to build a good lifting platform.
Corporate welfare. Corporate welfare is a term that analogizes corporate subsidies to welfare payments for the poor. The term is often used to describe a government's bestowal of money grants, tax breaks, or other special favorable treatment for corporations.
The welfare definition of economics is an attempt by Alfred Marshall, a pioneer neoclassical economist, to redefine his field of study. This definition expands the field of economic science to a larger study of humanity. Specifically, Marshall's view is that economics studies all the actions that people take in order to achieve economic welfare. In the words of Marshall, man earns money to get material welfare. This is why economists since Marshall have described his definition as the welfare definition of economics. This definition enlarged the scope of economic science by emphasizing the study of wealth and humanity together, rather than wealth alone.