What do you mean
you mean by value judgements? Explain
their role in welfare economics.
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Value judgments describe facts in an emotive way and tend to influence people by altering their beliefs or attitudes. Such statements as 'this change will increase economic welfare', 'rapid economic development is desirable', 'inequalities of incomes need be reduced', are all value judgments.
Since welfare economics is concerned with the desirability or otherwise of economic policies, the value judgements play a crucial role. As mentioned above, by value judgements or values we mean the conceptions or ethical beliefs of the people about what is good or bad.
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