Well-Being from One Economist’s Perspective

Let me begin by thanking Professor Scanlon for a truly interesting lecture on one of the most important issues facing not only philosophers and economists, but people of all kinds entrusted with making decisions affecting the well-being of others. In fact, individual well-being may well be regarded by many as the fundamental human value. At least, it might have been so regarded before the lecture! Also, sometimes commentators like lectures with which they disagree profoundly. But I am happy that I am largely in agreement with the lecture, not least because it leaves me time to elaborate some complementary ideas after these complimentary remarks. As indicated by the title for this contribution, I shall take the perspective of an economist, especially one interested in decision theory, and in the application of decision theory to ethical questions. Also, I shall say something about how other economists regard well-being. But it is one economist’s perspective because I am well aware that my views do not represent those of the economics profession as a whole. Perhaps you should be grateful for this, just as I am glad to dissociate myself from some standard economists’ views.