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3 - Alfred Marshall on Progress and Human Wellbeing
from Part I - Plurality of Welfare in the Making of Welfare Economics
- By Tamotsu Nishizawa
Edited by Roger E. Backhouse, Antoinette Baujard, Tamotsu Nishizawa
Book:

Welfare Theory, Public Action, and Ethical Values

Published online:

04 March 2021

Print publication:

25 March 2021, pp 77-96
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Summary

Marshall’s contribution to welfare economics is often summarized in the analytical tools developed in his Principles of Economics. This paper places Marshall’s views on welfare or rather ‘wellbeing’ in more broad perspective including his notes on ‘Economic Progress’; how Marshall thought of ‘economic, as well as the moral, wellbeing’, in his ‘high theme of economic progress’ or ‘organic life-growth’. It shows how he thought of the progress and ‘wellbeing’, economic as well as ‘physical, mental and moral’, in relation to ‘standards of life’ and to ‘quality of life’, ‘fullness of life’; and it aims to shed a fresh light to reconsider the welfare economic thought of Marshall.