chapter  21
Do Economic Evaluations of Allocative Changes Have Any Validity in the West Today?
Pages 10

Restricting ourselves for the time being to the more widely accepted ordinalist development of the subject, generally associated with development of the New Wel­ fare Economics, allocative propositions in economics may be said to rest on two basic maxims:

A. The individualist maxim, that the 'objective' data of the economist are the choices or subjective valua­ tions of the individual members of society and nothing more. These data, incidentally, are assumed to remain constant over the period in question - a somewhat frail assumption, which, however, we need not challenge here.