Economism and its Limits

Jonathan Wolff and Dirk Haubrich

in The Oxford Handbook of Public Policy

Published in print June 2008 | ISBN: 9780199548453
Published online September 2009 | | DOI:

Series: Oxford Handbooks of Political Science

 Economism and its Limits

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This article addresses the difficulties that the phases of economic evaluations give rise to in theory and practice. It provides a brief outline of the meaning of economism — as a term and a concept — and then explores the issues that are related to the measurement and monetary valuation of the items to be included in economic evaluations, otherwise known as the valuation problem. The article also deals with the commensurability problem and the intrinsic value problem. Finally, some of alternatives and recommendations that can help avoid the pitfalls of economism are discussed.

Keywords: economic evaluations; economism; monetary valuation; valuation problem; commensurability problem; intrinsic value problem; pitfalls of economism

Article.  12647 words. 

Subjects: Politics ; Political Economy ; Political Theory

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