The present situation in development economics is described by A. Karmack in the following way: There is said to be a split between those economists and econometricians who believe that quantification is so important that they quantify all those things that are particularly irrelevant and those economists who deal with the problems of the day and believe that the existing theory is irrelevant and resort to “insights”, intuitions or other non quantifiable factors.
Pfaffenberger, W. (1974), "SOCIOECONOMIC WELFARE CRITERIA:Theoretical Reconsideration and an Attempt at Quantification", International Journal of Social Economics, Vol. 1 No. 3, pp. 213-242. https://doi.org/10.1108/eb013768Download as .RIS
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