Cambridge versus Lausanne

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Chapter 7 in Morality and Power, 2017, pp 69-91 from Edward Elgar Publishing

Abstract: Chapter 7 uncovers the intellectual context from which modern theories of economic welfare developed. I discuss the emergence of the ‘old’ welfare economics and ‘new’ welfare economics associated with A.C. Pigou and Vilfredo Pareto, respectively. Most attention is given to the undeservedly neglected work of Pigou; the main critique of Pareto is reserved for the following chapter. It is not possible to fully appreciate the grip of conventional market-derived values without considering how Pigou following Alfred Marshall entrenched ‘the measuring rod of money’ in the normative firmament of the discipline. The chapter also highlights Pigou’s major contribution to the moral limits of markets, namely the concept and wide applicability of ‘externalities’.

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