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Author: Marc Fleurbaey
Publisher: Cambridge University Press
ISBN: 1139498770
Category : Political Science
Languages : en
Pages : 315
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Book Description
The definition and measurement of social welfare have been a vexed issue for the past century. This book makes a constructive, easily applicable proposal and suggests how to evaluate the economic situation of a society in a way that gives priority to the worse-off and that respects each individual's preferences over his or her own consumption, work, leisure and so on. This approach resonates with the current concern to go 'beyond the GDP' in the measurement of social progress. Compared to technical studies in welfare economics, this book emphasizes constructive results rather than paradoxes and impossibilities, and shows how one can start from basic principles of efficiency and fairness and end up with concrete evaluations of policies. Compared to more philosophical treatments of social justice, this book is more precise about the definition of social welfare and reaches conclusions about concrete policies and institutions only after a rigorous derivation from clearly stated principles.
Author: Marc Fleurbaey
Publisher: Cambridge University Press
ISBN: 1139498770
Category : Political Science
Languages : en
Pages : 315
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Book Description
The definition and measurement of social welfare have been a vexed issue for the past century. This book makes a constructive, easily applicable proposal and suggests how to evaluate the economic situation of a society in a way that gives priority to the worse-off and that respects each individual's preferences over his or her own consumption, work, leisure and so on. This approach resonates with the current concern to go 'beyond the GDP' in the measurement of social progress. Compared to technical studies in welfare economics, this book emphasizes constructive results rather than paradoxes and impossibilities, and shows how one can start from basic principles of efficiency and fairness and end up with concrete evaluations of policies. Compared to more philosophical treatments of social justice, this book is more precise about the definition of social welfare and reaches conclusions about concrete policies and institutions only after a rigorous derivation from clearly stated principles.
Author: Edward E. Zajac
Publisher:
ISBN:
Category : Public utilities
Languages : en
Pages : 152
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Book Description
Author: Barbara Ann White
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
This article provides resolutions to a number of conundrums that have vexed policy-makers and scholars for some decades. The most significant conclusion is that efficiency and fairness concerns do not conflict but rather mutually support each other in the goal of maximizing social welfare. This is contrary to the more widely-held view by both advocates of law and economic reasoning and those favoring deontological concerns that a trade-off between fairness and efficiency is inevitable. This article demonstrates how the coalescence of the two frameworks, the cultivation of fairness with law and economics' efficiency maximization, yields greater enhancements of social welfare than efficiency alone, by simultaneously satisfying the criteria of both. The analysis also points out that more than one state of the world likely exists that satisfies both sets of criteria and the selection is political, not determined by any objective criteria, but chosen by the subjective criteria of the decision-maker. This article also discusses Kaplow and Shavell's noted and contrary assertion that a rigourous demonstration (with mathematical formality) shows that fairness concerns should never enter as an independent factor when policy makers seek to maximize social welfare. I show, however, that Kaplow and Shavell's conclusion rests on a mathematical construction of fairness that essentially strips it of all social-welfare enhancing properties, which does not comport with usual notions and purposes of fairness. It is this faulty mathematical construction that leads them to the conclusions they reach. The indeterminacy inherent in the Pareto efficiency criteria leading to multiple efficient states not only characterizes efficiency analysis's limitations but also delineates the scope for deontological choices. This article shows that a decision regarding efficient states necessarily requires deontological decisions; deontological decisions do not substitute for efficiency but compliment it. Finally, the concept of “parameters of fairness” is introduced as a means to circumscribe the maximum efficient states that are also maximum fairness states. Considering excessive corporate harm by way of example, a matter mainstream economic analysis has failed to resolve, I employ feminist legal theory as the deontological construct to yield a range of satisfactory efficient and fair resolutions. Though any deontological system would do, the conflation of feminist legal theory and law and economic analysis is particularly significant because, historically, supporters in each camp have been diametrically opposed to the tenets of the other.
Author: Lee Anne Fennell
Publisher: Edward Elgar Publishing
ISBN: 9781781005293
Category : Cost effectiveness
Languages : en
Pages : 0
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Book Description
Although the relationship between fairness and the economic concept of efficiency is usually cast as an adversarial one, this collection demonstrates the robust and diverse ways in which economics engages - and cannot avoid engaging - with fairness. Part I contains papers presenting positive analyses of fairness preferences and beliefs, which are fundamental means through which fairness matters for economic models. Part II turns to normative analysis and the broad question of how law should reconcile fairness and efficiency considerations. Part III presents a sampling of legal and policy applications in which both fairness and efficiency considerations prove important. Along with an original introduction by the editors this is a must-have volume that will appeal to students, academics and practitioners who are interested in this exciting field.
Author: Werner Güth
Publisher:
ISBN:
Category :
Languages : en
Pages : 16
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Book Description
Author: Edward E. Zajac
Publisher: MIT Press
ISBN: 9780262740197
Category : Business & Economics
Languages : en
Pages : 348
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Book Description
This work questions how governments should balance the aims of justice and economic efficiency when intervening in the economy. It covers the main advances of fairness theory and reviews the experimental work of economists as well as the more standard approaches of moral philosophers.
Author: William J. Baumol
Publisher: MIT Press
ISBN: 9780262521314
Category : Business & Economics
Languages : en
Pages : 294
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Book Description
With his characteristic acuteness and lucidity, William Baumol, one of America's foremost economists, tackles the problem of equity considerations in welfare economics by applying the novel "superfairness" criterion to the distribution of resources, product, income, and wealth that arises from economic decisions.
Author: The Core Team
Publisher: Oxford University Press, USA
ISBN: 9780198849841
Category : Economic policy
Languages : en
Pages : 0
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Book Description
Economy, Society, and Public Policy is a new way to learn economics. It is designed specifically for students studying social sciences, public policy, business studies, engineering and other disciplines who want to understand how the economy works and how it can be made to work better. Topical policy problems are used to motivate learning of key concepts and methods of economics. It engages, challenges and empowers students, and will provide them with the tools to articulate reasoned views on pressing policy problems. This project is the result of a worldwide collaboration between researchers, educators, and students who are committed to bringing the socially relevant insights of economics to a broader audience.KEY FEATURESESPP does not teach microeconomics as a body of knowledge separate from macroeconomicsStudents begin their study of economics by understanding that the economy is situated within society and the biosphereStudents study problems of identifying causation, not just correlation, through the use of natural experiments, lab experiments, and other quantitative methodsSocial interactions, modelled using simple game theory, and incomplete information, modelled using a series of principal-agent problems, are introduced from the beginning. As a result, phenomena studied by the other social sciences such as social norms and the exercise of power play a roleThe insights of diverse schools of thought, from Marx and the classical economists to Hayek and Schumpeter, play an integral part in the bookThe way economists think about public policy is central to ESPP. This is introduced in Units 2 and 3, rather than later in the course.
Author: McCain, Roger A.
Publisher: Edward Elgar Publishing
ISBN: 1839108029
Category : Business & Economics
Languages : en
Pages : 240
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Book Description
Economic theory and philosophy have discussed concepts of fairness, but the criteria of fairness are in each case absolute: a situation is either fair or it is not. This book draws on these literatures to propose two criteria of relative fairness, and a hierarchical rule for the priority of application of these criteria, with a view to comparison of practicable alternatives in public policy.
Author:
Publisher:
ISBN: 9781784714437
Category :
Languages : en
Pages :
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Book Description
