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Welfare and well-beingSocial value in public policy$
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Bill Jordan

Print publication date: 2008

Print ISBN-13: 9781847420800

Published to Policy Press Scholarship Online: March 2012

DOI: 10.1332/policypress/9781847420800.001.0001

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Welfare and the economic model: ‘being precisely wrong’

Welfare and the economic model: ‘being precisely wrong’

(p.55) three Welfare and the economic model: ‘being precisely wrong’
Welfare and well-being

Bill Jordan

Policy Press

This chapter considers how social theory attempted to solve problems in relation to the economic model and where it failed to do so. It seeks to explain how the economic model of welfare became so widely adopted, and how this became embedded in a wider analysis of public policy. It discusses how the economic model has shaped formal interactions and explained all social phenomena. Topics included in this chapter are: the nature of collective action; institutions as restraints; and the relevance of social capital for welfare.

Keywords:   social theory, economic model, welfare, collective action, social capital

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