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Welfare economics is a field of economics that applies microeconomic ... Kotaro (1980). "On Distributional Value Judgments and Piecemeal Welfare Criteria," Economica ...
Bergson argued that welfare economics had described a standard of economic efficiency despite dispensing with interpersonally-comparable cardinal utility, the hypothesization of which may merely conceal value judgments, and purely subjective ones at that.
A value judgment (or normative judgement) is a judgment of the rightness or wrongness of something or someone, or of the usefulness of something or someone, based on a comparison or other relativity. As a generalization, a value judgment can refer to a judgment based upon a particular set of values or on a particular value system. A related ...
Economics is a quantitative science; but welfare cannot be quantitatively measured, and two persons cannot agree on what creates or improves welfare. (4) It involves value judgement. Finally the word “welfare” in Marshall’s definition brings economics to the realm of ethics. Robbins would prefer that economics remain neutral in assessing ...
Welfare economist Amartya Sen distinguishes basic (normative) judgments, which do not depend on such knowledge, from nonbasic judgments, which do. [ 17 ] Bryan Caplan and Stephen Miller argue the dichotomy in economics has been greatly overstated, in that many policy disagreements often described as value judgments are simply disagreements ...
Topics implicated along the way include game theory, the compensation principle in welfare economics, extended sympathy, Leibniz's principle of the identity of indiscernibles, logrolling, and similarity of social judgments through single-peaked preferences, Kant's categorical imperative, or the decision process.
Another instance in which the welfare theorems fail to hold is in the canonical Overlapping generations model (OLG). A further assumption that is implicit in the statement of the theorem is that the value of total endowments in the economy (some of which might be transformed into other goods via production) is finite. [37]
The Pigou–Dalton principle (PDP) is a principle in welfare economics, particularly in cardinal welfarism. Named after Arthur Cecil Pigou and Hugh Dalton, it is a condition on social welfare functions. It says that, all other things being equal, a social welfare function should prefer allocations that are more equitable. In other words, a ...