Economic Institutions and Human Welfare

Economic Institutions and Human Welfare

Economic Institutions and Human Welfare

Economic Institutions and Human Welfare

Excerpt

This collection of essays deals not with economics in the technical sense, but with some of the human and community factors that underlie it. The subject matter of technical economics consists of the operations of what we call, for short, "the market." But the market operates in a community setting; and these essays deal with some of the elements that go to make up this setting. These include enabling attitudes, institutions, and mechanisms, without which the things we call economic laws or principles would not work; and the standards of value or conceptions of welfare, and the motivations and ethical standards that work toward making these conceptions of welfare effective. Without these, it would be very nearly a matter of chance whether the operations of the market were serviceable or destructive in their net effect on the values by which a community lives.

One section of the essays attempts to define a concept of welfare which the author hopes would command assent; and to come to grips with the question whether modern . . .

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