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Is it time to reboot welfare economics? Overview

Accepted version
Peer-reviewed

Type

Article

Change log

Authors

Fabian, M 
Beinhocker, E 
Besley, T 
Stevens, M 

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 marginalized. The articles in this special symposium of Fiscal Studies engage with the question of how to revive normative questions as a central issue in economic scholarship.

Description

Keywords

38 Economics, 3801 Applied Economics, 44 Human Society

Journal Title

Fiscal Studies

Conference Name

Journal ISSN

0143-5671
1475-5890

Volume Title

Publisher

Wiley