The giants before us

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Chapter 3 in The Consumer Welfare Hypothesis in Law and Economics, 2022, pp 40-59 from Edward Elgar Publishing

Abstract: Did the giants of economic thought care about the consumers' interests? Some did, and some even expressed this concern in consumer sovereignty terms. This chapter reviews the thought of economists whose scholarship played an important role in the development of the economic approach to law, namely Adam Smith, Pigou, Marshall, Pareto, Hicks, Kaldor, Knight, Stigler, and Coase. But for Stigler and Pareto, they all support the consumer welfare standard. Their views on the matter have been either ignored or distorted beyond recognition, turning them into zombie economists.

Keywords: Economics and Finance; Law - Academic (search for similar items in EconPapers)
Date: 2022
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