A defense of Austrian welfare economics

Tate Fegley and Karl-Friedrich Israel ()
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Karl-Friedrich Israel: UCO - Université Catholique de l'Ouest, GRANEM - Groupe de Recherche Angevin en Economie et Management - UA - Université d'Angers - Institut Agro Rennes Angers - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement, EGEI - Éthique et Gouvernance de l’Entreprise et des Institutions - UCO - Université Catholique de l'Ouest

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Abstract: Murray N. Rothbard's Toward a Reconstruction of Utility and Welfare Economics is the defining contribution outlining the Austrian school's approach to welfare theory. A recent attack on this approach is by Wysocki and Dominiak (2023), who argue, contra Rothbard, that whether an exchange is welfare-enhancing is not necessarily related to whether that exchange is just, and therefore the Rothbardian framework is wrong. This paper shows that their argument misconceives how Austrians treat the concept of welfare. They also misunderstand the crucial role of the principle of demonstrated preference. Properly conceived, Rothbard's reconstruction remains intact.

Date: 2024-12-30
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Published in Philosophical Problems in Science, 2024, 76, pp.19-42. ⟨10.59203/zfn.76.677⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05778500

DOI: 10.59203/zfn.76.677

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