DENNIS ROBERTSON ON UTILITY AND WELFARE IN THE 1950s
The paper investigates Dennis Robertson's effort to defend the Cambridge utilitarian tradition against the so-called "new welfare economics" in the 1950s. Robertson's sustained and isolated endeavor to rescue Marshallian cardinal utility attracted the attention of economists at the time. According to Robertson, welfare economics should be based on cardinal utility, and the ordinalist revolution in the consumer and welfare theories should be rejected. It was only by sticking to the study of the economic or material aspects of welfare under the assumption of measurable utility that the economist would regain its ability to approach economic welfare as an objective of economic policy.
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| Date of creation: | 2005 |
| Date of revision: | |
| Handle: | RePEc:anp:en2005:010 |
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References listed on IDEAS
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- Shira B. Lewin, 1996. "Economics and Psychology: Lessons for Our Own Day from the Early Twentieth Century," Journal of Economic Literature, American Economic Association, vol. 34(3), pages 1293-1323, September.
- Mandler, Michael, 2001.
"Dilemmas in Economic Theory: Persisting Foundational Problems of Microeconomics,"
OUP Catalogue,
Oxford University Press, number 9780195145755, March.
- Mandler, Michael, 1999. "Dilemmas in Economic Theory: Persisting Foundational Problems in Microeconomics," OUP Catalogue, Oxford University Press, number 9780195100877, March.
- Hicks, J. R., 1986. "A Revision of Demand Theory," OUP Catalogue, Oxford University Press, number 9780198285502, March.
- Cooter, Robert & Rappoport, Peter, 1984. "Were the Ordinalists Wrong about Welfare Economics?," Journal of Economic Literature, American Economic Association, vol. 22(2), pages 507-30, June.
- Samuelson, Paul A, 1974. "Complementarity-An Essay on the 40th Anniversary of the Hicks-Allen Revolution in Demand Theory," Journal of Economic Literature, American Economic Association, vol. 12(4), pages 1255-89, December.
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