Persky on Noneconomic Objectives

Joseph Persky ()

American Journal of Economics and Sociology, 2004, vol. 63, issue 4, pages 921-938

Abstract: This brief survey begins with a suggested procedure for determining whether a given economist viewed a particular goal as an economic or noneconomic objective. Roughly speaking, the approach rests on whether that economist attempted a serious analysis of the tradeoffs between the goal in question and some measure of value. In this view, noneconomic objectives, for any school, include all those objectives that, while recognized as potentially legitimate, are not analyzed in terms of commensurable value measures. Three points to notice about the definition: (1) For any economist, economic objectives should be distinguished from a class of intermediate goods valued largely for their predicted positive impact on production; (2) Some objectives may be altogether dismissed by a school, either as beyond the expertise of economic analysis or as downright harmful; (3) Simply acknowledging the existence of a "cost" to achieving a goal leaves that goal as noneconomic since no attempt at valuation has been made. Copyright 2004 American Journal of Economics and Sociology, Inc..

Date: 2004

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