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Social Welfare, State Intervention, and Value Judgments
By Pierre LemieuxIn the 1950s, the theorists of the new welfare economics showed that the state cannot enhance economic efficiency (or, what is the same, increase society’s income) without making a value judgment that favors some and harms others. But most of these economists would not accept their discovery’s corollary that to minimize value judgments the state should refrain from meddling with social welfare policy.
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