Welfare and Interpersonal Comparisons

Kaushik Basu

in Prelude to Political Economy

Published in print September 2000 | ISBN: 9780198296713
Published online November 2003 | e-ISBN: 9780191595943 | DOI:
 Welfare and Interpersonal Comparisons

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This chapter discusses some preliminaries of welfare economics, i.e., the meaning of welfare and interpersonal comparisons. It focuses on the informational feasibility of some ethical systems. It highlights an influential method of interpersonal comparison, propounded by the Chicago approach and widely used in labour economics and evaluating institutions, that suffers from the problem of inconsistency.

Keywords: welfare economics; interpersonal comparisons; income; ethical systems; Chicago approach

Chapter.  4792 words.  Illustrated.

Subjects: Microeconomics

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