A Conceptual Exploration and Critical Inquiry into the Theoretical Foundation(s) of Economic Welfare Measures

@article{VanderSlycken2020ACE,
  title={A Conceptual Exploration and Critical Inquiry into the Theoretical Foundation(s) of Economic Welfare Measures},
  author={Jonas Van der Slycken and Brent Bleys},
  journal={Ecological Economics},
  year={2020}
}
Economic welfare measures (EWM) such as the ISEW and the GPI are often argued to lack a sound theoretical foundation. However, we observe that the initial EWM were jointly inspired by Hicksian and Fisherian income. Welfare’s experiential nature is Fisherian-inspired, whereas seeing the consumption of community capital (e.g. the ecosystem) as a cost is Hicksian-inspired. As most scholars do not recognize this double theoretical foundation, two distinct welfare interpretations with different time… 
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