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Full Description
Traditional welfare economics works with the assumption of the fully rational economic agent (homo economicus) whose preferences are fixed: that is, they are not influenced by their economic environment. To the contrary, this book presents a theory of welfare economics that maintains the principles of normative individualism while allowing for adaptive or changeable preferences.
Why do economists talk of preferences? In this book, Carl Christian von Weizsäcker shows that the concept is intimately related to freedom of action. The concept of preferences is the mode by which normative economics introduces the idea of freedom or liberty into its theory of human interaction. Moreover, the economic research of recent decades has provided a large amount of experimental and other empirical findings - e.g. the work on bounded rationality - which contradicts the assumption of fixed preferences. This book argues that this large body of findings is consistent with the hypothesis of adaptive preferences. This, together with the proposition that adaptive preferences allow a generalization of traditional welfare economics, has implications for policy applications of behavioral economics based on "normative individualism". Normative individualism is an approach which intrinsically connects with the value of liberty or freedom. It is argued that normative individualism is indispensable for a society of free citizens, thus providing the foundations of civil liberty.
This book will be of great interest to readers of welfare economics, behavioral economics and economic theory.
The Open Access version of this book, available at http://www.taylorfrancis.com, has been made available under a Creative Commons Attribution-NonCommercial-No Derivatives (CC-BY-NC-ND) 4.0 license. Any third party material in this book is not included in the OA Creative Commons license, unless indicated otherwise in a credit line to the material. Please direct any permissions enquiries to the original rightsholder.
Contents
Book I: Introduction: The Concept of "Preferences", Chapter 1: Normative Individualism, Chapter 2: "Preferences" in Positive and in "Normative" Economics, Chapter 3: "Compossibility" of Freedom Rights, Chapter 4: Preference Systems: The Comparability Problem, Chapter 5: Overview of the following Books II to VI, Book II: The Classroom Model of Adaptive Preferences, Chapter 6: Introduction and Definitions, Chapter 7: Improvement Sequences, Chapter 8: Theorem 1 for the Classroom Model, Chapter 9: Prices and Quantities: A Simple Example, Chapter 10: The "Meaning" of the Long-Run Demand Function. Theorem 2A, Chapter 11: Kaldor-Hicks-Scitovsky with Adaptive Preferences, Chapter 12: Social Welfare Function with Adaptive Preferences, Book III: The Real-World Model (Continuous Time Model), Chapter 13: Introduction; Theorem 1B for n ≥ 2, Chapter 14: Theorem 2B for n > 2, Chapter 15: Equivalence Theorem 1. (Theorem 1C), Chapter 16: Theorem 2 for the Continuous Time Model (Real-World Model), Chapter 17: Theorem 1 for the Real-World Model, Book IV: Freedom and the Phenomenology of Adaptive Preferences, Chapter 18: Freedom and Compossibility, Chapter 19: Phenomenology of Adaptive Preferences and Pragmatic Compossibility, Chapter 20: Phenomenology of Adaptive Preferences: Intertemporal Complementarity, Chapter 21: Digging Deeper into Adaptive Preferences, Book V: Interpersonal Influences on Preferences, Chapter 22: Adaptive Preferences as a Result of Evolution, Chapter 23: Non-Convexity of Preferences: Phishing for Phools, Chapter 24: Freedom Mode and Causal Mode of Government Action, Chapter 25: Imitation of Others: A Case of Adaptive Preferences; Advertising, Chapter 26: Complexity, Private Property, Democracy, Public Goods, Chapter 27: Two Generalized Media of Exchange: Karl Popper vs Erich Fromm, Chapter 28: Three Levels of Economic Activity. Externalities, Chapter 29: Social Market Economy, Book VI: Partial Equilibrium Welfare Economics for a Free Society with Adaptive Preferences, Chapter 30: Introduction, Chapter 31: Cost-Benefit-Analysis with Adaptive Preferences, Part 1, Chapter 32: Cost-Benefit-Analysis with Adaptive Preferences, Part 2, Chapter 33: Pragmatics of Incomplete Compossibility, Chapter 34: Private Anticipation of Preference Change: Innovation, Chapter 35: Concluding Remarks
