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Mar
15

Well-Being and Economics

See on Scoop.itBounded Rationality and Beyond

Well-Being and Economics

Since its early days as a science, economics has aimed not only to better understand the world, but also to improve it. The urge to change the world is perhaps most famously seen in the workof Karl Marx, who remarked: “The philosophers have only

interpreted  the world in variousways; the point is tochange it” (Marx [1845] 1998: 571). But economists from the left to theright have shared the sentiment. In the words of Paul Samuelson: “Beginning as it did in thewritings of philosophers, theologians, pamphleteers, special pleaders, and reformers, economicshas always been concerned with problems of public policy and welfare” (Samuelson 1947: 203).Friedrich A. Hayek agreed:It is probably true that economic analysis has never been the product of detached intellectual curiosity about thewhy of social phenomena, but of an intense urge to reconstruct a world which gives rise to profound
See on academia.edu



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