Economic Policy: Science or Ideology? (Part Two)

The two parts of this article (the first was published in CEPAL Review, No. 7) constitute a systematic attempt to present and analyse critically the major approaches in ‘official economics’ to the theory of economic policy. Part One was devoted to L. Robbins; this part seeks to outline the foundations of ‘welfare economics’ and the latest neoclassical positions on the construction of econometric models.