Abstract

RIASCOS HERMOZA, Julio César; ACOSTA PANTOJA, Luisa Fernanda  and  ERAZO ANDRADE, Iván Fredy. ECONOMIC WELFARE: AN ANALYTICAL AND CRITICAL APPROACH. Tend. [online]. 2020, vol.21, n.1, pp.175-196. ISSN 0124-8693.  https://doi.org/10.22267/rtend.202101.132.

The central purpose of this article is to make an analytical consideration of the theses associated with the theory of welfare developed by authors such as Bentham (1786), Edgewoth (1881), Arrow (1974), Sen (2000), Max-Neef (2011) and Deaton (2015). Through a documentary review based on original scientific works and articles, the concept of welfare and importance in economic theory was examined. The document addresses, on the one hand, the orthodox approach based on utilitarianism, specifying the individual choice of goods and services as an instrument that enables the satisfaction of needs and, therefore, the maximization of their welfare situation; On the other hand, the paper analyzes the theory of functions and capacities or, also called fundamental liberties, which exalts the heterogeneity of the human being and his living conditions objectively. The main conclusion of this document is that the concept of welfare is based on two clearly differentiated positions, a first that suggests that the concept can be modeled in a utility function, and a second approach that promotes that it is a complex term, it is made up of multidimensional expressions of development.

JEL: D6, I3, I31

Keywords : welfare; utility; economic theory..

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