Is it time to reboot welfare economics? Overview

Coyle, Diane, Fabian, Mark, Beinhocker, Eric, Besley, Timothy ORCID: 0000-0002-8923-6372 and Stevens, Margaret (2023) Is it time to reboot welfare economics? Overview. Fiscal Studies, 44 (2). 109 - 121. ISSN 0143-5671

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Abstract

The contributions of economists have long included both positive explanations of how economic systems work and normative recommendations for how they could and should work better. In recent decades, economics has taken a strong empirical turn as well as having a greater appreciation of the importance of the complexities of real-world human behaviour, institutions, the strengths and failures of markets, and interlinkages with other systems, including politics, technology, culture and the environment. This shift has also brought greater relevance and pragmatism to normative economics. While this shift towards evidence and pragmatism has been welcome, it does not in itself answer the core question of what exactly constitutes ‘better’, and for whom, and how to manage inevitable conflicts and trade-offs in society. These have long been the core concerns of welfare economics. Yet, in the 1980s and 1990s, debates on welfare economics seemed to have become marginalised. The articles in this Fiscal Studies symposium engage with the question of how to revive normative questions as a central issue in economic scholarship.

Item Type:	Article
Official URL:	https://onlinelibrary.wiley.com/journal/14755890
Additional Information:	© 2023 The Author(s)
Divisions:	Economics
Subjects:	H Social Sciences > HB Economic Theory
JEL classification:	I - Health, Education, and Welfare > I3 - Welfare and Poverty > I30 - General I - Health, Education, and Welfare > I3 - Welfare and Poverty > I32 - Measurement and Analysis of Poverty
Date Deposited:	20 Jul 2023 15:42
Last Modified:	02 Dec 2024 19:33
URI:	http://eprints.lse.ac.uk/id/eprint/119787

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