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Welfare Economics: A Story of Existence

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  • Khalid Iqbal

Abstract

The purpose of this study is to explore that, despite severe challenges, welfare economics still exists. This descriptive study is conducted through some specific time line developments in this field. Economists are divided over the veracity and survival of the welfare economics. Welfare economics emphasizes on the optimum resource and goods allocation with the objective of better living standard, materialistic gains, social welfare and ethical decisions. It origins back to the political economics and utilitarianism. Adam Smith, Irving Fisher and Pareto contributed significantly towards it. During 1930 to 1940, American and British approaches were developed. Many economists tried to explore the relationship between level of income and happiness. Amartya Sen gave the comparative approach and Tinbergen pioneered the theory of equity. Contemporarily the futuristic restoration of welfare economics is on trial and hopes are alive. This study may be useful to understand the transitional and survival process of welfare economics.

Suggested Citation

  • Khalid Iqbal, 2017. "Welfare Economics: A Story of Existence," Romanian Economic Journal, Department of International Business and Economics from the Academy of Economic Studies Bucharest, vol. 20(64), pages 75-83, June.
    • Handle: RePEc:rej:journl:v:20:y:2017:i:64:p:75-83
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    References listed on IDEAS

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    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.
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    3. Anthony B. Atkinson, 2001. "The Strange Disappearance of Welfare Economics," Kyklos, Wiley Blackwell, vol. 54(2‐3), pages 193-206, May.
    4. Antoinette Baujard, 2016. "Welfare economics," Chapters, in: Gilbert Faccarello & Heinz D. Kurz (ed.), Handbook on the History of Economic Analysis Volume III, chapter 42, pages 611-624, Edward Elgar Publishing.
    5. Marc Fleurbaey & Philippe Mongin, 2005. "The news of the death of welfare economics is greatly exaggerated," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 25(2), pages 381-418, December.
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    More about this item

    Keywords

    Welfare Economics; Utilitarianism; Comparative Approach; Equity; Capability Approach and Happiness.;
    All these keywords.

    JEL classification:

    • D60 - Microeconomics - - Welfare Economics - - - General
    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
    • D90 - Microeconomics - - Micro-Based Behavioral Economics - - - General

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