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The concept of economic welfare

In: Morality and Power

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Abstract

Chapter 6 interrogates the way in which the concept of welfare has been defined and applied in economics over the past century. I identify and critique the particular consequentialist cast defining whose outcomes count, which outcomes count and how these outcomes can be aggregated across people and values. Critique focuses on the over-reliance on market values to the exclusion of other value bases and outcomes, and on the inadequacy of formal theories of well-being inherent in the revealed preference driven model of rational choice. This addresses the debate on ‘the moral limits of markets’ and the non-consequentialist perspectives of rights/obligations and virtue ethics.

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  • ., 2017. "The concept of economic welfare," Chapters, in: Morality and Power, chapter 6, pages 59-68, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:17573_6
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    1. Lange, Marcus & O'Hagan, Anne Marie & Devoy, Robert R.N. & Le Tissier, Martin & Cummins, Valerie, 2018. "Governance barriers to sustainable energy transitions – Assessing Ireland's capacity towards marine energy futures," Energy Policy, Elsevier, vol. 113(C), pages 623-632.
    2. Garth R. Groshans & Elena A. Mikhailova & Christopher J. Post & Mark A. Schlautman & Hamdi A. Zurqani & Lisha Zhang, 2018. "Assessing the Value of Soil Inorganic Carbon for Ecosystem Services in the Contiguous United States Based on Liming Replacement Costs," Land, MDPI, vol. 7(4), pages 1-12, November.
    3. Davidson Cheng, 2022. "Identification of Direct Socio-Geographical Price Discrimination: An Empirical Study on iPhones," Papers 2201.07903, arXiv.org.
    4. Jun Wang & Rui Ma & Xinman Lu & Baoqin Yu, 2022. "Emission reduction cooperation in a dynamic supply chain with competitive retailers," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 24(12), pages 14261-14297, December.
    5. Chatterjee, Sidharta, 2022. "Decision Choice under Pareto Optimal Criteria," MPRA Paper 114254, University Library of Munich, Germany.
    6. Zekun Li & Shenjing He & Shiliang Su & Guie Li & Fei Chen, 2020. "Public Services Equalization in Urbanizing China: Indicators, Spatiotemporal Dynamics and Implications on Regional Economic Disparities," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 152(1), pages 1-65, November.
    7. Sen Li & Kameshwar Poolla & Pravin Varaiya, 2020. "Impact of Congestion Charge and Minimum Wage on TNCs: A Case Study for San Francisco," Papers 2003.02550, arXiv.org, revised Feb 2021.
    8. Lana Krehic, 2022. "How do increases in electric vehicle use affect urban toll ring prices?," Public Choice, Springer, vol. 193(3), pages 187-209, December.
    9. Alessandro Piazza, 2021. "Collective Responsibility in the Cooperative Governance of Climate Change," Sustainability, MDPI, vol. 13(8), pages 1-18, April.
    10. Patankar, Neha & Fell, Harrison G. & Rodrigo de Queiroz, Anderson & Curtis, John & DeCarolis, Joseph F., 2022. "Improving the representation of energy efficiency in an energy system optimization model," Applied Energy, Elsevier, vol. 306(PB).
    11. Da Gao & Yi Li & Qiuyue Yang, 2021. "Can pollution charges reform promote industrial SO2 emissions reduction?—Evidence from 189 China’s cities," Energy & Environment, , vol. 32(1), pages 96-112, February.
    12. Fengwan Zhang & Wenfeng Zhou & Jia He & Chen Qing & Dingde Xu, 2023. "Effects of Land Transfer on Farmer Households’ Straw Resource Utilization in Rural Western China," Land, MDPI, vol. 12(2), pages 1-13, January.
    13. Scott, Ian J. & Botterud, Audun & Carvalho, Pedro M.S. & Silva, Carlos A. Santos, 2020. "Renewable energy support policy evaluation: The role of long-term uncertainty in market modelling," Applied Energy, Elsevier, vol. 278(C).
    14. Petrescu, Dacinia Crina & Hartel, Tibor & Petrescu-Mag, Ruxandra Malina, 2020. "Global land grab: Toward a country typology for future land negotiations," Land Use Policy, Elsevier, vol. 99(C).
    15. Fei Han & Junming Li, 2022. "Spatial Pattern and Spillover of Abatement Effect of Chinese Environmental Protection Tax Law on PM 2.5 Pollution," IJERPH, MDPI, vol. 19(3), pages 1-16, January.
    16. Louise O Fresco & Floor Geerling-Eiff & Anne-Charlotte Hoes & Lan van Wassenaer & Krijn J Poppe & Jack G A J van der Vorst, 2021. "Sustainable food systems: do agricultural economists have a role? [Interdisciplinary collaboration between natural and social sciences–status and trends exemplified in groundwater research]," European Review of Agricultural Economics, Oxford University Press and the European Agricultural and Applied Economics Publications Foundation, vol. 48(4), pages 694-718.
    17. Li, Sen & Poolla, Kameshwar & Varaiya, Pravin, 2021. "Impact of congestion charge and minimum wage on TNCs: A case study for San Francisco," Transportation Research Part A: Policy and Practice, Elsevier, vol. 148(C), pages 237-261.
    18. Yanan Wu & Biyu Peng & Yehui Lao, 2023. "The Emission Reduction Effect of Financial Agglomeration under China’s Carbon Peak and Neutrality Goals," IJERPH, MDPI, vol. 20(2), pages 1-18, January.
    19. Khomitov, Komiljon & Nasimov, Dilmurod, 2022. "Econometric analysis of labor productivity in industrial enterprises," MPRA Paper 114814, University Library of Munich, Germany.
    20. Yang, Dan & Wang, Xiaoli & Tang, Yu & Liu, Zimin & Yu, Xiaohua, 2022. "How has the new round of farmland certification in China affected farmers’ economic welfare?," International Food and Agribusiness Management Review, International Food and Agribusiness Management Association, vol. 26(2), November.

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