By Marc Fleurbaey
The definition and size of social welfare were a vexed factor for the prior century. This booklet makes a optimistic, simply appropriate inspiration and indicates the best way to review the industrial state of affairs of a society in a fashion that provides precedence to the worse-off and that respects each one individual's personal tastes over his or her personal intake, paintings, rest, etc. This method resonates with the present problem to move "beyond the GDP" within the dimension of social growth. in comparison to technical experiences in welfare economics, this booklet emphasizes confident effects instead of paradoxes and impossibilities, and exhibits how you can begin from simple rules of potency and equity and prove with concrete reviews of regulations. in comparison to extra philosophical remedies of social justice, this ebook is extra special in regards to the definition of social welfare and reaches conclusions approximately concrete regulations and associations merely after a rigorous derivation from in actual fact acknowledged ideas.
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Extra info for A Theory of Fairness and Social Welfare (Econometric Society Monographs)
The general picture is that the domain restrictions consistent with the nature of the allocation problems are not sufficient to escape Arrow’s impossibility, or, when Arrow’s impossibility is avoided, to be consistent with any minimal objective of resource equality. We depart from Arrovian social choice by shifting the emphasis from Arrow independence to resource equality properties. We agree that saving on the information needed to make social judgments is important. In particular, the social preference between two alternatives should depend only on information that is, in some way, linked to these alternatives.
As it will be clear in the following chapters, many axioms capture the ideal of resource equality, and one ultimately must make a selection among them. Our third norm is informational simplicity or parsimony, and the weakenings of Arrow independence belong to this category. Consequently, our strategy will always be to begin with a discussion of resource equality axioms, to check whether they are compatible with Pareto axioms, and, when necessary, to identify the trade-offs between them. We do not claim that the hierarchy adopted here is the only reasonable one, but we hope it is sufficiently reasonable to serve as a useful guide for the development of an attractive approach.
With this work, we especially hope to convey two key messages: r Welfare economics is not caught in a dilemma between impossibility and interpersonal comparisons of subjective utility. r Considerations of fairness (interpreting justice in terms of resource equality) are useful to address second-best policy problems. 1 INTRODUCTION The evaluation of allocations of resources in a given context should depend on the characteristics of the context – in particular, the preferences of the population. This is why the object of our study is a social ordering function (SOF), which specifies, for each economy in an admissible domain, a complete ranking of the corresponding allocations.
A Theory of Fairness and Social Welfare (Econometric Society Monographs) by Marc Fleurbaey