Positive Economics and Policy Objectives by Hutchison T. W

Author:Hutchison, T. W. [Hutchison, T W]
Language: eng
Format: epub
ISBN: 9781136519321
Publisher: Taylor & Francis (CAM)

CHAPTER 4

The Formulation of Policy Objectives

and Policy Preferences

‘Those of us who are economic theorists are only too familiar with models which assume a single goal, treated as if it were endowed with a single characteristic varying only in quantity or degree, such as “economic welfare”, “prosperity”, “utility” or “equilibrium”. Such models are indeed the major part of our professional inventory. The legislator, on the other hand, is, or should be, always conscious that he is repeatedly facing the necessity of choosing between extensive combinations of objectives, all of which clamour for consideration.’

J. VINER

(International Trade and Economic Development,

1953, p. 2)

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