HEDONISM AND WELFARE ECONOMICS

@article{Hausman2010HEDONISMAW,
  title={HEDONISM AND WELFARE ECONOMICS},
  author={Daniel M. Hausman},
  journal={Economics and Philosophy},
  year={2010},
  volume={26},
  pages={321 - 344}
}
  • D. Hausman
  • Published 12 October 2010
  • Economics
  • Economics and Philosophy
This essay criticizes the proposal recently defended by a number of prominent economists that welfare economics be redirected away from the satisfaction of people's preferences and toward making people happy instead. Although information about happiness may sometimes be of use, the notion of happiness is sufficiently ambiguous and the objections to identifying welfare with happiness are sufficiently serious that welfare economists are better off using preference satisfaction as a measure of… 
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The tenuous claims of cost-benefit analysis to guide policy so as to promote welfare turn on measuring welfare by preference satisfaction and taking willingness-to-pay to indicate preferences. Yet it
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