Book contents
- Welfare Theory, Public Action, and Ethical Values
- Welfare Theory, Public Action, and Ethical Values
- Copyright page
- Contents
- Figures and Tables
- Contributors
- Acknowledgements
- Introduction: Revisiting the History of Welfare Economics
- Part I Plurality of Welfare in the Making of Welfare Economics
- Part II Developing Modern Welfare Economics
- 7 John Hicks’s Farewell to Economic Welfarism
- 8 Individualism and Ethics
- 9 Non-welfarism in the Early Debates over the Coase Theorem
- 10 Musgrave and the Idea of Community
- 11 Non-welfaristic Features of Kenneth Arrow’s Idea of Justice
- 12 Beyond Welfarism
- 13 The Influence of Sen’s Applied Economics on His Non-welfarist Approach to Justice
- 14 Conclusion
- Index
- References
7 - John Hicks’s Farewell to Economic Welfarism
How Deeply Rooted and Far Reaching Is His Non-welfarist Manifesto?
from Part II - Developing Modern Welfare Economics
Published online by Cambridge University Press: 04 March 2021
Book contents
- Welfare Theory, Public Action, and Ethical Values
- Welfare Theory, Public Action, and Ethical Values
- Copyright page
- Contents
- Figures and Tables
- Contributors
- Acknowledgements
- Introduction: Revisiting the History of Welfare Economics
- Part I Plurality of Welfare in the Making of Welfare Economics
- Part II Developing Modern Welfare Economics
- 7 John Hicks’s Farewell to Economic Welfarism
- 8 Individualism and Ethics
- 9 Non-welfarism in the Early Debates over the Coase Theorem
- 10 Musgrave and the Idea of Community
- 11 Non-welfaristic Features of Kenneth Arrow’s Idea of Justice
- 12 Beyond Welfarism
- 13 The Influence of Sen’s Applied Economics on His Non-welfarist Approach to Justice
- 14 Conclusion
- Index
- References
Summary
John Hicks played a crucial role at birth of the “new” welfare economics founded on the informational basis of interpersonally non-comparable and ordinal utilities. Toward the end of the 1950s, however, Hicks took a bold step by declaring his farewell to the welfarist informational basis of normative economics altogether. The purpose of this paper is to gauge the depth and reach of Hicks’s farewell to the welfaristic approach to normative economics.
Keywords
- Type
- Chapter
- Information
- Welfare Theory, Public Action, and Ethical ValuesRevisiting the History of Welfare Economics, pp. 159 - 185Publisher: Cambridge University PressPrint publication year: 2021
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