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Which values should be built into economic measures?

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  • Schroeder, S. Andrew

Abstract

Many economic measures are structured to reflect ethical values. I describe three attitudes towards this: maximalism, according to which we should aim to build all relevant values into measures; minimalism, according to which we should aim to keep values out of measures; and an intermediate view. I argue the intermediate view is likely correct, but existing versions are inadequate. In particular, economists have strong reason to structure measures to reflect fixed, as opposed to user-assessable, values. This implies that, despite disagreement about precisely how to do so, economists should standardly adjust QALYs and DALYs to reflect egalitarian values.

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  • Schroeder, S. Andrew, 2019. "Which values should be built into economic measures?," Economics and Philosophy, Cambridge University Press, vol. 35(3), pages 521-536, November.
    • Handle: RePEc:cup:ecnphi:v:35:y:2019:i:03:p:521-536_00
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    1. Anni Orola & Anna Härri & Jarkko Levänen & Ville Uusitalo & Stig Irving Olsen, 2022. "Assessing WELBY Social Life Cycle Assessment Approach through Cobalt Mining Case Study," Sustainability, MDPI, vol. 14(18), pages 1-26, September.

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