The concept of economic welfare

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Chapter 6 in Morality and Power, 2017, pp 59-68 from Edward Elgar Publishing

Abstract: Chapter 6 interrogates the way in which the concept of welfare has been defined and applied in economics over the past century. I identify and critique the particular consequentialist cast defining whose outcomes count, which outcomes count and how these outcomes can be aggregated across people and values. Critique focuses on the over-reliance on market values to the exclusion of other value bases and outcomes, and on the inadequacy of formal theories of well-being inherent in the revealed preference driven model of rational choice. This addresses the debate on ‘the moral limits of markets’ and the non-consequentialist perspectives of rights/obligations and virtue ethics.

Keywords: Politics; and; Public; Policy (search for similar items in EconPapers)
Date: 2017
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Citations: View citations in EconPapers (20)

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