Economics as Applied Ethics: Fact and Value in Economic Policy
Economics as Applied Ethics -- Preface -- Acknowledgements -- Contents -- List of Figures -- 1 Introduction -- Part I Basic Principles -- 2 Preview -- 1 Value Judgements in Welfare Economics -- 2 The Welfare of the Individual -- 3 From the Individual to Society -- 4 Equality and the Distribution Problem -- 5 Valuing Life: The Ultimate Value Judgement -- 6 National Income and GDP -- 7 Happiness -- 8 The Boundary in Space and International Justice -- 9 The Boundary in Time and Intergenerational Justice -- Note -- 3 The Main Concepts -- 1 David Hume and the Health Fanatic -- 2 Value Judgements and Intrinsic Values -- 3 Normative Propositions and Positive Propositions -- 4 What Is Welfare Economics? -- 5 The Construction of Welfare/Normative Economics -- Notes -- 4 Fact and Value in Personal Choice -- 1 The Pain of Personal Choice -- 2 The Basic Theory of Consumers' Choice -- 3 The 'Utility Function' in Economics -- 4 Preferences and Theories of 'the Good' -- 5 The Economic Concept of Rational Choice -- Notes -- 5 How to Make 'Bad' Choices -- 1 Why People Make 'Bad' Choices -- 2 Information and 'Rational Ignorance' -- 3 Consumer Sovereignty or Paternalism? -- 4 Altruism and Commitment -- 5 Conclusions -- Notes -- 6 Fact and Value in Public Policy: Three Examples -- 1 The Equality-Efficiency Trade-Off -- 2 The Price Stability Objective -- 3 The 'Fair Trade' Problem -- 4 Conclusions -- Notes -- 7 From Economic 'Efficiency' to Economic Welfare -- 1 Cost-Benefit Analysis in Welfare Economics -- 2 Cost-Benefit Analysis and 'Franklin's Algebra' -- 3 Pareto Optimality and the Compensation Test -- 4 Practical Limitations on the Compensation Test -- 5 Pareto Optimality and the Distribution of Incomes -- 6 Introducing the 'Social Welfare Function' -- 7 Conclusions -- Notes -- 8 The 'Mindless Society' -- 1 Is There a ' Society'?