The Early Mathematics of Welfare: The Contribution of Bruno de Finetti

The Early Mathematics of Welfare: The Contribution of Bruno de Finetti

Bruno de Finetti (1906–1985) is well known as the founder of the subjective theory of probability. Less known is his contribution to economic theory. The article presents the contributions of de Finetti in the field of welfare economics. He advanced a new mathematical tool: the theory of simultaneou...

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Veröffentlicht in:History of political economy 2020-08, Vol.52 (4), p.683
1. Verfasser: Pomini, Mario
Format: Artikel
Sprache:eng
Schlagworte:
Economic planning
Economic theory
Function
Market economies
Mathematics
Social welfare
Welfare economics
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Zusammenfassung:Bruno de Finetti (1906–1985) is well known as the founder of the subjective theory of probability. Less known is his contribution to economic theory. The article presents the contributions of de Finetti in the field of welfare economics. He advanced a new mathematical tool: the theory of simultaneous maxima. On this base, he criticized the laissez-faire interpretation of the Paretian theory and advanced the idea of a social welfare function, reflecting the debate on economic planning among Italian corporatist economists.
ISSN:0018-2702
1527-1919
DOI:10.1215/00182702-8603997