. “Institutionalism” historically refers to a group of economists who wrote mainly in the 1920s and 1930s. Their place in economic theory …

welfare measurement. Economists have attempted to measure welfare scientifically for more than a century, but after an early … period of optimism, the general history of welfare measurement has not been a happy one. In the 1930s many economists began … economists became increasingly strict and pessimistic about the science of measuring welfare, Progressive legal policy was able …