Abstract
It is no part of economics, certainly not of modern post-1870 economics, to argue the purpose of the economy’s production.1 The purpose of the economy is the welfare of the consumers, public and private. In no sense is mere production as such a proper measure, rather, it has to be production for the ends that people want. Output, income, and consumption are important aims and preconditions for achieving other goals of individuals; that is, they are only a part of what people live for.
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References
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© 1985 George R. Feiwel
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Arrow, K.J. (1985). Distributive Justice and Desirable Ends of Economic Activity. In: Feiwel, G.R. (eds) Issues in Contemporary Macroeconomics and Distribution. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-06879-1_3
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DOI: https://doi.org/10.1007/978-1-349-06879-1_3
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