In Economic Policy in a Liberal Democracy, Richard E. Wagner offers
an approach to welfare economics and economic policy appropriate
for a classically liberal society.Professor Wagner explains how
welfare economics has been unable to fulfil the aspirations of its
advocates because it assumes that the consequences of policy
measures are sufficiently knowable to achieve specific and intended
outcomes. The standard vision of the corrective state, where the
state intervenes to repair economic failures and to achieve
beneficial consequences, is revealed to be incoherent because the
state lacks the competence to influence economic outcomes. Once the
full complexity of the economy is recognized, policy measures are
shown to generate a plethora of unintended consequences. What
emerges instead is a focus on policy for creating and maintaining a
constitutional framework that maintains and supports the liberal
order in which people organise their activities.
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