The New Welfare Economics: Value-Free or Value-Less?
Author(s)
Lutz, Mark A.; Lux, Kenneth
Abstract
The New Welfare Economics has been considered an unusually successful innovation, but the authors encourage a skepticism of such a “triumph.” The authors argue that within the situation of New Welfare Economics, the attempt to discuss well-being more “scientifically” reduces the entire endeavor to a contradictory and meaningless exercise. In this chapter, the authors attempt to explain the essential problems in a way that is comprehensible, and utilize every fault of the New Welfare Economics as a plus for their alternative perspective. The authors see humanistic economics as eventually occupying New Welfare Economics’ very place.
