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The concept of economic welfare

In: Morality and Power

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Chapter 6 interrogates the way in which the concept of welfare has been defined and applied in economics over the past century. I identify and critique the particular consequentialist cast defining whose outcomes count, which outcomes count and how these outcomes can be aggregated across people and values. Critique focuses on the over-reliance on market values to the exclusion of other value bases and outcomes, and on the inadequacy of formal theories of well-being inherent in the revealed preference driven model of rational choice. This addresses the debate on ‘the moral limits of markets’ and the non-consequentialist perspectives of rights/obligations and virtue ethics.

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  • ., 2017. "The concept of economic welfare," Chapters, in: Morality and Power, chapter 6, pages 59-68, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:17573_6
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    Politics and Public Policy;

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