[태그:] subjective

Modern economists are strongly biased in favour of preference (in contrast to happiness), ordinalism, and against interpersonal comparison. I wish to argue for the opposite. The proposed change in perspective has important conceptual and policy significance, as also evidenced in the papers by Frank and Oswald in this issue that I strongly endorse. Neoclassical economists used more subjective terms like satisfaction, marginal utility, and even happiness, ...