New PDF release: Development Perspectives

By Paul Streeten (auth.)

ISBN-10: 1349053414

ISBN-13: 9781349053414

ISBN-10: 1349053430

ISBN-13: 9781349053438

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Sample text

Of thought. ) Contamination is not a matter of individual or even social psychology, but everyone in a given situation who thinks at all has to think in a certain value-determined way. Probing of motives cannot eliminate implicit valuations, for they are an essential condition of all thought. Nowadays, a similar point is made by stressing the manner in which language influences the way we see, select, and analyse events, and thus opens the door to bias. First, it enters not only-as is generally recognized-into the selection and criticism of evidence, but also into our classifications and frames of reference.

Edgeworth, Papers Relating to Political Economy, vol. 2, pp. 102-3. 5. J. R. Hicks, "The Rehabilitation of Consumer's Surplus", Review of Economic Studies, vol. 8 (1940-2), p. 111. 6. It has been argued that even though they may not be random, there is no reason to assume that they will be biased in favour of a deterioration rather than an improvement of the income distribution. But such complete ignorance would form a most unsatisfactory basis for policy recommendations. Moreover, even Values, Facts and the Compensation Principle 7.

S. Mill). Arguments of the type (a) were used by the free traders. They freely admitted that there are cases in which theoretical analysis could show that free trade is not the best policy; but by and large, if it were accepted as a general principle, the results would be better than if we took any other course. We find a similar argument used by Edgeworth in favour of the greatest happiness principle. Moreover, each party may reflect that, in the long run of various cases, the maximum sum-total utility corresponds to the maximum individual utility.

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Development Perspectives by Paul Streeten (auth.)

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