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The Importance Of Defining The Feasible Set

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  • COWEN, TYLER

Abstract

How should we define the feasible set? Even when individuals agree on facts and values, as traditionally construed, different views on feasibility may suffice to produce very different policy conclusions. Focusing on the difficulties in the feasibility concept may help us resolve some policy disagreements, or at least identify the sources of those disagreements. Feasibility is most plausibly a matter of degree rather than of kind. Normative economic reasoning therefore faces a fuzzy social budget constraint. Iterative reasoning about feasibility and desirability may help us overcome these problems.

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  • Cowen, Tyler, 2007. "The Importance Of Defining The Feasible Set," Economics and Philosophy, Cambridge University Press, vol. 23(1), pages 1-14, March.
    • Handle: RePEc:cup:ecnphi:v:23:y:2007:i:01:p:1-14_00
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    Cited by:

    1. Daniel Sutter, 2009. "The Market, the Firm, and the Economics Profession," American Journal of Economics and Sociology, Wiley Blackwell, vol. 68(5), pages 1041-1061, November.
    2. Klein, Daniel B., 2021. "Conservative liberalism: Hume, Smith, and Burke as policy liberals and polity conservatives," Journal of Economic Behavior & Organization, Elsevier, vol. 183(C), pages 861-873.
    3. Nikolai Hoberg & Stefan Baumgärtner, 2014. "Value pluralism, trade-offs and efficiencies," Working Paper Series in Economics 311, University of Lüneburg, Institute of Economics.

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