In public policy, scholars like to measure “welfare losses” and that is what we teach to students. Welfare losses are deeply rooted in trying to measure ways in which events or policies distort peoples preferences. But what if people's behaviors eventually change forever, is it still appropriate to call that a cost? The hosts discuss 1) the history of thought in how we came to measure policy effects this way and its connection to the enlightenment; 2) the ways in which people are inconsistent in what they want studied in behavioral economics; 3) what philosophy has to to say about aspiration and transformational preferences.