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Evolving Preferences and Welfare Economics: The Perspective of Constitutional Political Economy

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  • Vanberg Viktor J.

    (Walter Eucken Institut, Goethestr. 10, 79100 Freiburg, Germany)

Abstract

The theoretical consistency and practical applicability of traditional welfare economics has long been subject to controversy. More recently the challenge has been added from evolutionary approaches that the individual preferences on which the welfare calculus is based are themselves subject to change. The purpose of the present paper is twofold. It takes, firstly, a closer look at the discussion on the need and feasibility of an evolutionary welfare economics that accommodates evolving preferences. The particular focus is on proposals advanced by three authors, Carl Christian von Weizsäcker, Ulrich Witt and Robert Sugden. And it seeks, secondly, to show that the paradigm of constitutional economics can deal with the evolving-preferences-issue in a more coherent and consistent way than approaches that remain within the mind-frame of welfare economics.

Suggested Citation

  • Vanberg Viktor J., 2014. "Evolving Preferences and Welfare Economics: The Perspective of Constitutional Political Economy," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 234(2-3), pages 328-349, April.
    • Handle: RePEc:jns:jbstat:v:234:y:2014:i:2-3:p:328-349
    DOI: 10.1515/jbnst-2014-2-312
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    References listed on IDEAS

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    1. Robert Sugden, 2004. "The Opportunity Criterion: Consumer Sovereignty Without the Assumption of Coherent Preferences," American Economic Review, American Economic Association, vol. 94(4), pages 1014-1033, September.
    2. Carl Christian von Weizsäcker, 2005. "The Welfare Economics of Adaptive Preferences," Discussion Paper Series of the Max Planck Institute for Research on Collective Goods 2005_11, Max Planck Institute for Research on Collective Goods.
    3. Daniel Kahneman & Robert Sugden, 2005. "Experienced Utility as a Standard of Policy Evaluation," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 32(1), pages 161-181, September.
    4. Christian Schubert, 2013. "Is Novelty Always a Good Thing? Towards an Evolutionary Welfare Economics," Economic Complexity and Evolution, in: Guido Buenstorf & Uwe Cantner & Horst Hanusch & Michael Hutter & Hans-Walter Lorenz & Fritz Rahmeyer (ed.), The Two Sides of Innovation, edition 127, pages 209-242, Springer.
    5. Ulrich Witt, 2003. "Economic policy making in evolutionary perspective," Journal of Evolutionary Economics, Springer, vol. 13(2), pages 77-94, April.
    6. Vanberg, Viktor J., 2005. "Market and state: the perspective of constitutional political economy," Journal of Institutional Economics, Cambridge University Press, vol. 1(1), pages 23-49, June.
    7. Ulrich Witt & Christian Schubert, 2008. "Constitutional interests in the face of innovations: how much do we need to know about risk preferences?," Constitutional Political Economy, Springer, vol. 19(3), pages 203-225, September.
    8. Buchanan, James M & Vanberg, Viktor J, 2002. "Constitutional Implications of Radical Subjectivism," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 15(2-3), pages 121-129, June.
    9. Witt, Ulrich, 1996. "Innovations, Externalities and the Problem of Economic Progress," Public Choice, Springer, vol. 89(1-2), pages 113-130, October.
    10. von Weizsacker, Carl Christian, 1971. "Notes on endogenous change of tastes," Journal of Economic Theory, Elsevier, vol. 3(4), pages 345-372, December.
    11. Stigler, George J & Becker, Gary S, 1977. "De Gustibus Non Est Disputandum," American Economic Review, American Economic Association, vol. 67(2), pages 76-90, March.
    12. Robert Sugden, 2007. "The value of opportunities over time when preferences are unstable," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 29(4), pages 665-682, December.
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    Cited by:

    1. Martin Binder, 2019. "Soft paternalism and subjective well-being: how happiness research could help the paternalist improve individuals’ well-being," Journal of Evolutionary Economics, Springer, vol. 29(2), pages 539-561, April.
    2. Malte F. Dold, 2018. "Back to Buchanan? Explorations of welfare and subjectivism in behavioral economics," Journal of Economic Methodology, Taylor & Francis Journals, vol. 25(2), pages 160-178, April.
    3. Schnellenbach, Jan & Schubert, Christian, 2015. "Behavioral political economy: A survey," European Journal of Political Economy, Elsevier, vol. 40(PB), pages 395-417.
    4. Christian Schubert, 2014. "Evolutionary economics and the case for a constitutional libertarian paternalism—a comment on Martin Binder, “should evolutionary economists embrace libertarian paternalism?”," Journal of Evolutionary Economics, Springer, vol. 24(5), pages 1107-1113, November.
    5. Ute Schmiel & Hendrik Sander, 2022. "What are markets? Selected market theories under genuine uncertainty in comparison," Journal of Evolutionary Economics, Springer, vol. 32(1), pages 9-33, January.
    6. Kalmbach, Bettina, 2016. "Social nudging with condorcet juries and its strategic implications for a paternalistic implementation of LED bulbs," The Constitutional Economics Network Working Papers 04-2016, University of Freiburg, Department of Economic Policy and Constitutional Economic Theory.

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