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From Preference to Happiness

In: Welfare Economics

Author

Listed:
  • Yew-Kwang Ng

    (Monash University)

Abstract

Welfare economics has achieved much, although it still has long-standing weaknesses, such as the inability to make non-Pareto comparisons due to the difficulty of making interpersonal comparisons of cardinal utilities. Ways of overcoming this weakness have been discussed in Chapter 5 and in Ng (1996a, 2000a), but the use of interpersonally comparable cardinal utilities has not been widely accepted by economists. In this chapter it is argued that welfare economics is too narrow in focus and should be expanded to make the analysis more complete, and hence more useful. Important reformulations of welfare economics and cost—benefit analysis are needed. Some of the points discussed below have long been known about but have largely been ignored in welfare economic analysis. Some are less well known or are controversial, but are nevertheless important for welfare.

Suggested Citation

  • Yew-Kwang Ng, 2004. "From Preference to Happiness," Palgrave Macmillan Books, in: Welfare Economics, chapter 11, pages 257-283, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-4039-4406-1_11
    DOI: 10.1057/9781403944061_11
    as

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    Cited by:

    1. Azusa Sato & Joan Costa-Font, 2014. "The Hedonic Procedural Effect of Traditional Medicines," Journal of Happiness Studies, Springer, vol. 15(5), pages 1061-1084, October.

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