Discourse is central in promoting – or hindering – social change. This paper discusses the ethical-political dilemmas that academics face in developing progressive discourses on social welfare in the hegemonic crisis of neoliberalism. A central dilemma concerns the (implicit or explicit) target of their discourse. Speaking to elites reproduces dominant values and interests, reinforcing central elements of neoliberalism such as economisation and de-politicisation. Moreover, this approach remains technocratic (i.e. academics act as experts), thereby failing to address citizens’ distrust towards ‘scientific (...) evidence’ that characterises the hegemonic crisis of neoliberalism. A possible alternative is to work together with civil society and marginalised groups for promoting an oppositional discourse. In this way scholars may contribute to the democratisation of the public sphere but may fail to influence the content of policies, remaining trapped in marginal political positions. The paper illustrates this tension focusing on ‘social investment’. This discourse – which is today the most important framework for welfare reform among academics – emphasises the economic benefits of social policy for promoting alternatives to welfare retrenchment. Building on a research project aimed at re-thinking social investment from Sen's capability perspective, the paper discusses the conditions for developing a post-neoliberal discourse on social welfare. (shrink)