The position of welfare economics in modern economic theory has been a rather precarious one. In classical political economy there were no sharp boun… - Amartya Sen

" "

The position of welfare economics in modern economic theory has been a rather precarious one. In classical political economy there were no sharp boundaries drawn between welfare economic analysis and other types of economic investigation. But as the suspicion of the use of ethics in economics has grown, welfare economics has appeared to be increasingly dubious, It has been put into an arbitrarily narrow box, separated from the rest of economics.