Re: On Utility Theory

["Alan G. Isaac" <AISAAC@xxxxxxxxxxxx>]

Herb,

I think this is a hard question, but roughly we should use our
own _judgment_. I am not at all suggesting that we stop making
welfare judgments (even if we could), but I do find it
questionable whether utility theory helps us do this.
I'm open to discussion however. Can you suggest an
interesting example?

As an example of how one would assess "alternative
economic configurations" in the large, an example
that doesn't rely on utility theory is found in
John Rawls's writing. In the small, I think the
usual focus is on net wealth creation (in the guise
of cost benefit analysis) coupled with taste-driven
talk about transfers. But I won't be sure if any of
this responds to your question until I see an example
of how you think utility theory is useful for this
purpose.

--Alan


On Tue, 15 Nov 1994 05:51:44 -0700 Herbert Gintis said:
>              We make welfare judgements all the time. It's okay for a
>philosopher or a coal miner to just reject it. But what am I supposed
>to do? Just shut up when it comes to assessing alternative economic
>configurations? Use my own preferences?