Social welfare, objective well-being, and natural law

Fernando Arancibia-Collao ()
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Fernando Arancibia-Collao: Pontificia Universidad Católica de Chile, Instituto de Éticas Aplicadas

International Review of Economics, 2025, vol. 72, issue 2, No 23, 17 pages

Abstract: Abstract This paper explores the interplay between social welfare functions (SWF), utility functions, and objective well-being within the framework of natural law ethics. SWF, a central tool in welfare economics, traditionally relies on utility functions to aggregate individual preferences into social well-being measures. However, the preference satisfaction approach inherent in utility functions often conflicts with objective accounts of well-being, such as natural law ethics, which emphasize intrinsic human goods and flourishing. In this paper I argue for the compatibility of subjective preferences and objective values by introducing the concept of idealized preferences—preferences informed by objective ethical values. Integrating natural law ethics, this paper proposes how utility functions can accommodate subjective pro-attitudes while adhering to objective moral values, thereby bridging the gap between economic and philosophical approaches to well-being. The conclusions suggest a robust theoretical framework for aligning economic analysis with moral objectivism, enhancing the applicability of SWF in public policy.

Keywords: Social welfare function; Basic human goods; Objective well-being; Idealized preferences; Utility function (search for similar items in EconPapers)
Date: 2025
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DOI: 10.1007/s12232-025-00512-y

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