What is Welfare Economics? A Belated Answer to a Poorly Appreciated Question

Abstract

Cropsey′s 1955 invitation to reassess the particular metaphysic or political philosophy which underpins modern economics remains under‐appreciated. Reviews Cropsey′s 1955 argument in order to apprehend just what charges are being laid at the door of modern welfare economics. Considers the way in which Benjamin Ward misconstrued that argument in his 1956 “rebuttal” and the same misunderstandings and dividing lines which still exist in economics today. Offers illustration from the contemporary economics literature (e.g. regarding the market for baby adoption) to gauge the plausibility of Cropsey′s 1955 prediction that certain social, political and moral consequences will follow for society in the longer run if more traditional metaphysical teachings and conceptions of social welfare are undermined by what Cropsey sees as the potentially destructive metaphysics embodied in orthodox welfare economics.

Citation

Duhs, L.A. (1994), "What is Welfare Economics? A Belated Answer to a Poorly Appreciated Question", International Journal of Social Economics, Vol. 21 No. 1, pp. 29-42. https://doi.org/10.1108/03068299410049537