Which values should be built into economic measures?. (28th February 2019)

• Record Type: Journal Article
• Authors: Schroeder, S. Andrew
• Is Part Of: Economics and philosophy. Volume 35:Number 3(2019)
• Page Start: 521
• Page End: 536
• Publication Date: 2019-02-28
• Subjects: values in economics, -- measurement, -- inequality, -- DALY, -- QALY; Economics -- Philosophy -- Periodicals; 330.01
• DOI: 10.1017/S0266267118000317
• Languages: English
• ISSNs: 0266-2671

Abstract

Abstract: Many economic measures are structured to reflect ethical values. I describe three attitudes towards this: maximalism, according to which we should aim to build all relevant values into measures; minimalism, according to which we should aim to keep values out of measures; and an intermediate view. I argue the intermediate view is likely correct, but existing versions are inadequate. In particular, economists have strong reason to structure measures to reflect fixed, as opposed to user-assessable, values. This implies that, despite disagreement about precisely how to do so, economists should standardly adjust QALYs and DALYs to reflect egalitarian values.