Frederick Floss, Chair and Professor of Economics and Finance
Date of Award
Applied Economics, M.A.
Economics and Finance Department
Dr. Tae-Hee Jo, Ph.D., Associate Professor of Economics and Finance
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Dr. Susan Davis, Ph.D., Associate Professor of Economics and Finance
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.
Undercoffer, Ryan J., "Reconsidering the Economics of Public Policy: An Institutionalist Critique of Neoclassical Welfare Economics" (2016). Applied Economics Theses. 14.