CAN NORMATIVE ECONOMICS BE CONVINCING WITHOUT THE NOTION OF WELL-BEING?

In this article, we examine the notion of well-being in light of the relationship between positive and normative economics. Having identified four interrelationships between possible theoretical developments within the two fields, we propose a framework for the analysis of normative economic theories. The starting point for these considerations were competing stances on well-being proposed by neoclassical welfare economics, Robert Sugden, Amartya Sen, and Daniel Hausman.