The influence of Vilfredo Pareto’s work on modern economic analysis: An obstacle to the development of happiness economics?
Abstract
In this essay we intend to highlight the profound and enduring influence of Pareto upon modern economic analysis, focusing on the emphasis of his utility-based theory of value. In this sense, around 1900, the author began the change toward an ordinal and objective theory of utility. The main goal of this work is to portray the common link of economic ideas that we consider highly relevant: from Pareto to current orthodox economics; and from Bentham to the return of happiness as an object of study in economic science, mostly during the 21st century. Therefore, we can state that Pareto’s influence has lasted at least all throughout the 20th century, delaying considerably the resurgence of happiness economics. Finally, we suggest that it would be very profitable if this discipline and the received theory could complement each other.
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