Department Chair

Frederick Floss, Chair and Professor of Economics and Finance

Date of Award

5-2016

Access Control

Campus-Only Access

Degree Name

Applied Economics, M.A.

Department

Economics and Finance Department

Advisor

Dr. Tae-Hee Jo, Ph.D., Associate Professor of Economics and Finance

Department Home page

http://economics.buffalostate.edu/

First Reader

Dr. Susan Davis, Ph.D., Associate Professor of Economics and Finance

Abstract

Welfare economics is sometimes described as “the tools of normative analysis.” This area of study is often used to describe and inform public policy and to predict the outcome of policy implementation. In this thesis, I will argue that welfare economics, as it is commonly conceived of within the neoclassical tradition, is vulnerable to a number of critiques from an institutionalist perspective. Further, I will argue that institutionalism can provide a richer backdrop for the study of welfare and public policy than neoclassical economics, due to its inherent focus on the key role played by social, political, and legal institutions in economic activity.

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