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 previous century. This booklet makes a optimistic, simply appropriate thought and indicates easy methods to overview the commercial state of affairs of a society in a manner that offers precedence to the worse-off and that respects each one individual's personal tastes over his or her personal intake, paintings, relaxation, etc. This strategy resonates with the present predicament to head "beyond the GDP" within the size of social growth. in comparison to technical experiences in welfare economics, this publication emphasizes confident effects instead of paradoxes and impossibilities, and exhibits how you can begin from uncomplicated rules of potency and equity and turn out with concrete reviews of guidelines. in comparison to extra philosophical remedies of social justice, this ebook is extra designated concerning the definition of social welfare and reaches conclusions approximately concrete rules and associations in basic terms after a rigorous derivation from sincerely said rules.

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Extra resources for A Theory of Fairness and Social Welfare (Econometric Society Monographs)

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In some of these indices, no index of individual well-being appears at all. The emphasis is on how unequally each good is distributed and how the inequalities in the distribution of each good should be aggregated. For instance, consider the following multidimensional generalization of the Gini coefficient (Gajdos and Weymark 2005). Two allocations are compared in the following way. For each allocation, first, the Gini mean10 of the distribution of each good is computed separately, and, second, the geometric mean of these means is computed.

At this point, we want to discuss an important clarification. Broadly speaking, the notions of well-being used by economists belong to three families. In the first family, well-being is measured in a way that does not take the individuals’ subjective point of view into account. Examples include wealth and life expectancy. We can, of course, assume that doing better in these dimensions is better for the individuals, but how they trade off these dimensions against other components of well-being is not part of the picture.

In both approaches, ordinal noncomparable preferences are the main informational ingredient about individual well-being. To illustrate how the cost–benefit criteria can be minimally changed to come close to our approach, observe that the sum of compensating or equivalent variations evaluates a particular allocation zN by computing min p∗ x | x Ri zi , i∈N where p ∗ is the reference price vector (either the final or the initial prices, for compensating or equivalent variations, respectively). As we will see in Chapter 5, an interesting ordering in our approach consists in evaluating an allocation by the formula max min min {px | x Ri zi } .

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