By Marc Fleurbaey
The definition and size of social welfare were a vexed factor for the earlier century. This publication makes a positive, simply acceptable idea and indicates the right way to evaluation the industrial state of affairs of a society in a manner that provides precedence to the worse-off and that respects every one individual's personal tastes over his or her personal intake, paintings, rest, and so forth. This strategy resonates with the present obstacle to move "beyond the GDP" within the dimension of social growth. in comparison to technical stories in welfare economics, this ebook emphasizes confident effects instead of paradoxes and impossibilities, and indicates how you can commence from easy rules of potency and equity and turn out with concrete reviews of rules. in comparison to extra philosophical remedies of social justice, this e-book is extra specified in regards to the definition of social welfare and reaches conclusions approximately concrete guidelines and associations in simple terms after a rigorous derivation from truly acknowledged ideas.
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Extra resources for A Theory of Fairness and Social Welfare (Econometric Society Monographs)
In comparison, our approach satisfies ordinalism and noncomparability, as explained in the previous section, and, instead of taking welfare indices as exogenous data, it proposes to construct well-being indices out of ordinal and noncomparable preferences. Moreover, the particular well-being indices used in the various SOFs studied in this book are derived from specific fairness axioms, thereby obtaining an ethical justification. In this way, the interpersonal comparisons performed in our approach embody specific value judgments in an explicit and transparent way.
We follow the latter route, because we find it worthwhile to explore the extent to which fairness considerations can be taken into account while retaining the Pareto principle. As it turns out, much can be done along this vein, and this provides the material for this book. The alternative route might also be worth exploring, but it has a lesser priority, in our opinion, because in the simple settings of distribution and production that we study in this model, the Pareto principle seems hard to relinquish.
In this light, it appears unduly demanding – perhaps even ethically inappropriate – to seek evaluations that are independent of the reference. In conclusion, we believe that none of the criticisms raised against moneymetric utilities is decisive. 1. Comparison of the Main Approaches Fair allocation Arrovian social choice Welfarism (broad) Welfarism (subjective) Dominance Multidimensional inequality indices Bergson–Samuelson Cost–benefit Money-metric utility Fair SOFs (this book) SOF Pareto Resource Equality Ordinal Noncomparability − + + + (incomplete) + + + ?