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Two kinds of political economy: Utility-individualism vs. choice-individualism

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  • Vanberg, Viktor

Abstract

This paper contrasts two kinds of political economy, represented by welfare economics and social choice theory on the one hand and James M. Buchanan's constitutional political economy on the other hand. It posits that the difference between the two kinds has its roots in the different normative premises on which they are based, premises that I refer to as utility- or preference-individualism and choice-individualism respectively. And I show that, because of their different normative starting points, the two kinds of political economy pursue fundamentally different research agendas.

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  • Vanberg, Viktor, 2025. "Two kinds of political economy: Utility-individualism vs. choice-individualism," Freiburg Discussion Papers on Constitutional Economics 25/3, Walter Eucken Institut e.V..
    • Handle: RePEc:zbw:aluord:319640
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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. Abram Bergson, 1954. "On the Concept of Social Welfare," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 68(2), pages 233-252.
    3. Backhouse, Roger E., 2009. "Robbins And Welfare Economics: A Reappraisal," Journal of the History of Economic Thought, Cambridge University Press, vol. 31(4), pages 474-484, December.
    4. Helmut Leipold, 1990. "Neoliberal ordnungstheorie and constitutional economics," Constitutional Political Economy, Springer, vol. 1(1), pages 47-65, December.
    5. G. Warren Nutter, 1968. "Economic Welfare and Welfare Economics," Journal of Economic Issues, Taylor & Francis Journals, vol. 2(2), pages 166-172, June.
    6. James Buchanan, 1993. "How can constitutions be designed so that politicians who seek to serve “public interest” can survive and prosper?," Constitutional Political Economy, Springer, vol. 4(1), pages 1-6, December.
    7. Sen, Amartya Kumar, 1970. "The Impossibility of a Paretian Liberal," Scholarly Articles 3612779, Harvard University Department of Economics.
    8. Sen, Amartya, 1970. "The Impossibility of a Paretian Liberal," Journal of Political Economy, University of Chicago Press, vol. 78(1), pages 152-157, Jan.-Feb..
    9. Kenneth J. Arrow, 1997. "The Functions of Social Choice Theory," International Economic Association Series, in: Kenneth J. Arrow & Amartya Sen & Kotaro Suzumura (ed.), Social Choice Re-examined, chapter 1, pages 3-9, Palgrave Macmillan.
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