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Justice vis à vis welfare: how Austrian welfare economics should fit in the Austro-libertarian framework

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  • Igor Wysocki

    (Nicolaus Copernicus University)

Abstract

The present work calls for a modification of Austrian welfare economics so that it should be given a distinct role within the Austro-libertarian paradigm. To this end, we clearly distinguish between justice and welfare. We proceed by trying to stick to the spirit of Austro-libertarianism as firmly as possible. In particular, we operate within the universe of voluntary (viz. rights-respecting) exchanges, having assumed the libertarian absolutist side-constraints view of rights. Furthermore, we take for granted the Austrian actual preference satisfaction view. The specific purpose of the present paper is two-fold. First, we subject Austrian rights-based welfare economics to critical scrutiny. Concluding that the above theory begs the question in favor of free market, we assert that to gauge market efficiency we need to resort to some descriptive criterion, which could reasonably be deemed constitutive of welfare. And it is only then that the question of market efficiency is an open question.

Suggested Citation

  • Igor Wysocki, 2023. "Justice vis à vis welfare: how Austrian welfare economics should fit in the Austro-libertarian framework," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 40(2), pages 445-467, July.
    • Handle: RePEc:spr:epolit:v:40:y:2023:i:2:d:10.1007_s40888-023-00301-2
    DOI: 10.1007/s40888-023-00301-2
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    References listed on IDEAS

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    1. Hausman,Daniel M. & McPherson,Michael S., 2006. "Economic Analysis, Moral Philosophy and Public Policy," Cambridge Books, Cambridge University Press, number 9780521608664, December.
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    5. Boettke, Peter J., 1995. "Why are There No Austrian Socialists? Ideology, Science and the Austrian School," Journal of the History of Economic Thought, Cambridge University Press, vol. 17(1), pages 35-56, April.
    6. Herbener, Jeffrey M, 1997. "The Pareto Rule and Welfare Economics," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 10(1), pages 79-106.
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    8. Hausman,Daniel M. & McPherson,Michael S., 2006. "Economic Analysis, Moral Philosophy and Public Policy," Cambridge Books, Cambridge University Press, number 9780521846295, September.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Austro-libertarianism; Justice; Voluntary exchange; Welfare economics;
    All these keywords.

    JEL classification:

    • K11 - Law and Economics - - Basic Areas of Law - - - Property Law
    • P1 - Political Economy and Comparative Economic Systems - - Capitalist Economies
    • D6 - Microeconomics - - Welfare Economics

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