Abstract
This paper analyses the basic assumptions regarding the nature of man underlying economic theory and welfare economics, and examines the philosophical underpinnings of economic theory as well as its value judgements. It goes on to show that the basic problems faced by industrial society - namely, maldistribution of income, pollution and alienation - cannot be overcome unless the notion of man underlying speculations about economic problems and economic welfare is modified. It reviews recent contributions to a re-visioning of man in his relationship to economic activity with a view to piecing together different elements which may be useful in providing a framework for a new integrated approach to man's economic problems.
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