
The Death of Economics
Catégorie: Loisirs créatifs, décoration et passions, Beaux livres
Auteur: E. Lockhart, Sami Tamimi
Éditeur: Jane Austen
Publié: 2019-10-17
Écrivain: Derf Backderf, Vera Brittain
Langue: Bulgare, Grec ancien, Cornique, Vietnamien
Format: epub, Livre audio
Auteur: E. Lockhart, Sami Tamimi
Éditeur: Jane Austen
Publié: 2019-10-17
Écrivain: Derf Backderf, Vera Brittain
Langue: Bulgare, Grec ancien, Cornique, Vietnamien
Format: epub, Livre audio
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The news of the death of welfare economics is greatly exaggerated - The paper reexamines the controversy about Bergson-Samuelson social welfare functions (BSFs) that took place between welfare economists and social choice theorists as a consequence of Arrow's (1951) impossibility theorem. The 1970's witnessed a new version of the theorem that was meant to establish that BSFs "make interpersonal comparisons of utility or are dictatorial". Against this, Samuelson reasserted the existence of well-behaved "ordinalist" BSFs and generally denied the relevance of Arrovian impossibilities to welfare economics. The paper formalizes and reassesses each camp's arguments. While being also critical of Samuelson's, it eventually endorses his conclusion that welfare economics was left untouched by the controversy. It draws some connections of BSFs with contemporary normative economics.
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