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Biological welfare economics: a natural science critique of normative economics

Author

Listed:
  • Terence C. Burnham

    (Chapman University)

  • Jay Phelan

    (UCLA)

Abstract

Welfare economics analyzes societal well-being based on individual levels of self-evaluated happiness or “utility.” All human emotions, including what economists label as utility, are evolutionary creations, shaped by natural selection for the sole purpose of altering individuals’ behavior in ways that maximize their relative reproductive success. Because of the evolutionary origins and nature of human motivations, welfare economics has little to say about societal well-being. While welfare economics is not useful for normative statements, it nonetheless provides a measure of the difficulties in implementing policy.

Suggested Citation

  • Terence C. Burnham & Jay Phelan, 2023. "Biological welfare economics: a natural science critique of normative economics," Journal of Bioeconomics, Springer, vol. 25(1), pages 1-33, April.
    • Handle: RePEc:kap:jbioec:v:25:y:2023:i:1:d:10.1007_s10818-023-09333-x
    DOI: 10.1007/s10818-023-09333-x
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    References listed on IDEAS

    as
    1. B. Douglas Bernheim, 2009. "Behavioral Welfare Economics," Journal of the European Economic Association, MIT Press, vol. 7(2-3), pages 267-319, 04-05.
    2. R. H. Coase, 2013. "The Problem of Social Cost," Journal of Law and Economics, University of Chicago Press, vol. 56(4), pages 837-877.
    3. B. Douglas Bernheim & Antonio Rangel, 2009. "Beyond Revealed Preference: Choice-Theoretic Foundations for Behavioral Welfare Economics," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 124(1), pages 51-104.
    4. Sunstein, Cass R., 2020. "Behavioral Welfare Economics," Journal of Benefit-Cost Analysis, Cambridge University Press, vol. 11(2), pages 196-220, July.
    5. Terence C. Burnham, 2016. "Economics and evolutionary mismatch: humans in novel settings do not maximize," Journal of Bioeconomics, Springer, vol. 18(3), pages 195-209, October.
    6. Terence C. Burnham & Jay Phelan, 2022. "Ordinaries 9: How to write a biological economics article," Journal of Bioeconomics, Springer, vol. 24(2), pages 117-131, July.
    7. Luis Rayo & Gary S. Becker, 2007. "Evolutionary Efficiency and Happiness," Journal of Political Economy, University of Chicago Press, vol. 115(2), pages 302-337.
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    Cited by:

    1. I. V. Evstigneev & T. Hens & M. J. Vanaei, 2023. "Evolutionary finance: a model with endogenous asset payoffs," Journal of Bioeconomics, Springer, vol. 25(2), pages 117-143, August.

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