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7 - John Hicks’s Farewell to Economic Welfarism
from Part II - Developing Modern Welfare Economics
- By Kotaro Suzumura
Edited by Roger E. Backhouse, Antoinette Baujard, Tamotsu Nishizawa
Book:

Welfare Theory, Public Action, and Ethical Values

Published online:

04 March 2021

Print publication:

25 March 2021, pp 159-185
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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.