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2 Alternatives 1 (1976)

handle is hein.journals/alt2 and id is 1 raw text is: Alternatives II (1976) 1-22. o North-Holland Publishing Company ECONOMICS, WELFARE, AND ALTERNATIVE VIEW OF MANt Manuel R. AGOSIN* This paper analyses the basic assumptions regarding the nature of man underlying economic theory and welfare economics, and examines the philosophical underpinnings of economic theory as well as its value judgements. It goes on to show that the basic problems faced by in- dustrial society - namely, maldistribution of income, pollution and alienation - cannot be over- come unless the notion of man underlying speculations about economic problems and economic welfare is modified. It reviews recent contributions to a re-visioning of man in his relationship to economic activity with a view to piecing together different elements which may be useful in providing a framework for a new integrated approach to man's economic problems. I. A critique of economics The view of man as 'homo economicus'in economic theory is an outgrowth of the world-view sustaining the whole edifice of social sciences. Alternative views of man are, however, not only possible but desirable; and when the basic con- ception of man is altered, all notions of what constitutes human welfare must be revised accordingly. In recent years a number of writers, economists and non-economists have dealt with the issues raised in this paper. Here we simply try to bring together the various contributions into a hopefully coherent re- visioning of man. The philosophical underpinnings of economic theory Any system of thought is explicitly or implicitly grounded on a world-view, on an interpretation of reality based on a set of metaphysical assumptions. As tThe views expressed in the paper are the author's own and do not necessarily reflect those of the organization he is serving. *Stqff member of the United Nations Conference on Trade and Development. I