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Social Welfare, State Intervention, and Value Judgments.
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- Author(s): Lemieux, Pierre
- Source:
Independent Review. Summer2006, Vol. 11 Issue 1, p19-36. 18p. - Source:
- Additional Information
- Subject Terms:
- Abstract: The article discusses the issues related to new welfare economics and value judgments. The new welfare economics was born in the year 1930. It is now known as orthodox welfare economics. It was the work of theorists such as Nicholas Kaldor, Tibor Skitovsky, and John Hicks which helped in creating the new welfare economy. It has been demonstrated by the theorists of the new welfare economics that the state must necessarily fail in its efficiency-maximizing task unless it eliminates failure by resorting to its own arbitrary value judgments. It is shown by welfare economics that any conclusion about changes in social welfare needs a judgment about distribution, which cannot be scientific and value free, but it is essentially a moral, extraeconomic value judgment. According to the first theorem of the new welfare economics, conditions of perfect competition with no externalities and no interdependencies of consumer utilities will take society to a Pareto optimal situation.
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