Download A Theory of Fairness and Social Welfare (Econometric Society by Marc Fleurbaey PDF
By Marc Fleurbaey
The definition and dimension of social welfare were a vexed factor for the earlier century. This publication makes a optimistic, simply appropriate concept and indicates how you can overview the industrial state of affairs of a society in a fashion 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 process resonates with the present difficulty to head "beyond the GDP" within the dimension of social development. in comparison to technical experiences in welfare economics, this ebook emphasizes positive effects instead of paradoxes and impossibilities, and indicates how you can begin from uncomplicated rules of potency and equity and turn out with concrete reviews of regulations. in comparison to extra philosophical remedies of social justice, this booklet is extra distinctive in regards to the definition of social welfare and reaches conclusions approximately concrete rules and associations simply after a rigorous derivation from truly said rules.
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Extra info for A Theory of Fairness and Social Welfare (Econometric Society Monographs)
The hierarchy adopted in this book is the following: the norm that is given priority is efficiency; none of the SOFs studied here would recommend a Pareto inferior allocation. Our second norm is resource equality. 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.
The clash with the Pareto axioms is then immediate. This kind of problem can be avoided if, as in the axiom of transfer defined previously, the transfer is performed only between two agents who are ranked in the same way in all dimensions – that is, when one consumes more of every good than the other, and the transfer involves a positive amount of every good going from the richer to the poorer. 1(b)). The transfer cannot then directly go against unanimous preferences. Unfortunately, the Pigou–Dalton principle, as embodied in the axiom of transfer, does conflict with efficiency.
5. By monotonicity of preferences, agent 1 always prefers z1 to z1 , and agent 2 z2 to z2 . By Arrow independence, this implies that zN = (z1 , z2 ) and zN = (z1 , z2 ) need to be ordered the same way independently of the preferences. In the economy E = (RN , ), zN is a competitive allocation from equal division; that is, zN ∈ S EW (E), whereas zN is an inefficient allocation. In the economy E = (RN , ), on the other hand, zN ∈ S EW (E) and zN is inefficient. It may look reasonable to use this information to rank zN above zN in E, and zN above zN in E .