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Source link: http://archive.mises.org/5290/toward-a-reconstruction-of-utility-and-welfare-economics/

Toward a Reconstruction of Utility and Welfare Economics

July 7, 2006 by

I – Introduction

II – Utility Theory

III – Welfare Economics: A Critique

IV – Welfare Economics: A Reconstruction

V – Conclusion Notes

A classic from Murray Rothbard, who writes: The essence and the driving force of human action, and therefore of the human market economy, are the valuations of individuals. Action is the result of choice among alternatives, and choice reflects values, that is, individual preferences among these alternatives. Individual valuations are the direct subject matter of the theories of utility and of welfare. Utility theory analyzes the laws of the values and choices of an individual; welfare theory discusses the relationship between the values of many individuals, and the consequent possibilities of a scientific conclusion on the “social” desirability of various alternatives. FULL ARTICLE

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