Knowledge

Economic justice

Source 📝

22: 106:. It is a "set of moral and ethical principles for building economic institutions". Economic justice aims to create opportunities for every person to have a dignified, productive and creative life that extends beyond simple economics. 188:
a social welfare function in general terms as any ethical belief system required to order any (hypothetically feasible) social states for the entire society as "better than", "worse than", or "indifferent to" each other.
448: 949: 92:, where the ultimate goal is to create an opportunity for each person to establish a sufficient material foundation upon which to have a dignified, productive, and creative life.." 576: 1248: 1109: 32: 516: 862:   • Louis Kaplow and Steven Shavell, 2003. Fairness versus Welfare: Notes on the Pareto Principle, Preferences, and Distributive Justice," 1002: 1148: 43: 941: 789: 567: 679: 1093: 130: 847: 490: 1239: 1219: 894: 1304: 1164: 842:   • Richard Schmalbeck, 1983. "The Justice of Economics: An Analysis of Wealth Maximization as a Normative Goal," 824: 820: 930: 812: 495: 240: 768:   • Charles Blackorby, Walter Bossert, and David Donaldson, 2002. "Utilitarianism and the Theory of Justice," 1308:   • Charles Blackorby, Walter Bossert, and David Donaldson, 2002. "Utilitarianism and the Theory of Justice," 746: 693: 661: 236: 168:. In early welfare economics, where mentioned, 'justice' was little distinguished from maximization of all individual 125:
of "how institutions distribute specific benefits and burdens". That theory may or may not elicit acceptance. In the
1010: 61: 193:(1963) showed a difficulty of trying to extend a social welfare function consistently across different hypothetical 731: 713: 974:• Serge-Christophe Kolm, 1969. "The Optimal Production of Social Justice," in J. Margolis and H. Guitton (eds.), 1285: 1269: 764: 1265: 1132: 263:, the notion of personal responsibility and (de)merits of leveling individual benefits downward, claims of 1261: 708: 228: 185: 573:   • James Andreoni, William T. Harbaugh, and Lise Vesterlund, 2008. "altruism in experiments," 999: 985: 785: 1331: 1028: 1313: 1201: 867: 773: 264: 480: 323: 232: 194: 165: 126: 1062: 876: 545: 537: 141:' along with 'Other Normative Criteria and Measurement'. Categories above and below the line are 36:
that states a Knowledge editor's personal feelings or presents an original argument about a topic.
294: 244: 173: 938: 152:
Some ideas about justice and ethics overlap with the origins of economic thought, often as to
962: 1118: 676: 484: 328: 220: 1257: 1128: 1076: 1072: 871:   • A. Mitchell Polinsky and Steven Shavell, 2008. "law, economic analysis of," 424: 399: 1336: 306: 272: 153: 110: 89: 688: 39: 8: 1277: 1040: 338: 310: 287: 260: 248: 161: 138: 549: 589: 358: 134: 122: 656: 852:   • Denis J. Brion, 2000. "Norms & Values in Law & Economics," in 668: 378: 363: 353: 343: 276: 256: 210: 202: 157: 103: 85: 1216: 891: 1341: 675:, Part III: Liberty, rights, equality, and justice. pp. 157-214. Drill to preview 610: 1175:
Kenneth J. Arrow, 1977. "Extended Sympathy and the Possibility of Social Choice,"
1223: 1006: 989: 953:   • Amartya Sen, 1985. "Social Choice and Justice: A Review Article," 945: 934: 927: 898: 816: 809: 700: 683: 529: 368: 333: 206: 198: 1299:• Walter Bossert and John A. Weymark, 2008. "social choice (new developments)," 1113:   • _____, 2000. "Social Justice and the Distribution of Income," in 227:
as an approach to justice is constrained or challenged by independent claims of
1054: 801: 508: 373: 224: 197:
even apart from justice. Utility maximization survives, even with the rise of
177: 81: 541: 1325: 1273: 1023: 778: 472: 302: 259:. Alternate approaches have treated combining concern for the worst off with 190: 181: 142: 114: 536:, Princeton University Press, discussed in general terms and as quoted, pp. 348: 118: 857: 1281: 639: 298: 283: 216: 597: 1035: 957:, 23(4), pp. 1764-76. Review of Arrow, 1983. Reprinted in Sen, 2003, 553: 305:
as an aspect of justice have been invoked to explain a wide range of
291: 268: 252: 99: 1232:
ch. 9*, "Impersonality and Collective Quasi-Orderings," pp. 152-160.
1180: 907:
ch. 9*, "Impersonality and Collective Quasi-Orderings," pp. 152-160.
837: 146: 1159:
Louis Kaplow, 2008. "Pareto principle and competing principles,"
632:• Norman Geras, 1985. "The Controversy about Marx and Justice," 169: 95: 309:
and theoretical applications, supplementing earlier emphasis on
705:
Equity and Choice: An Essay in Economics and Applied Philosophy
759:• Jonathan Riley, 2008. "utilitarianism and economic theory," 488:   • Marc Fleurbaey, 2008. "ethics and economics," 223:(1969, 1996, 2000), and others have considered ways in which 282:
A broad reinterpretation of justice from the perspective of
279:, and more generally in the work of Arrow, Sen, and others. 88:. It is a set of moral and ethical principles for building 33:
personal reflection, personal essay, or argumentative essay
619:   • _____, ed., 1987. "distributive justice," 209:
judgments in the wealth-maximization criterion invoked in
1234:• _____, 1977. "Social Choice Theory: A Re-Examination," 117:
of a given theory, whether "in the large", as of a just
575:
The New Palgrave Dictionary of Economics, 2nd Edition.
1143:
Bertil Tungodden, 2008. "justice (new perspectives),"
716:, same title in Stephan Boehm, et al., eds., 2002, 127:
Journal of Economic Literature classification codes
511:, 1978, "Rawlsian Justice and Economic Systems," 1323: 247:, exclusion of antisocial preferences, possible 271:/Pareto approaches. Justice is a subarea of 301:(1994, 1998, 2004) and others. Arguments on 832:and the Criterion of Wealth Maximization," 714:"Is There Progress in Normative Economics?" 644:The New Palgrave: A Dictionary of Economics 621:The New Palgrave: A Dictionary of Economics 568:The New Palgrave: A Dictionary of Economics 1301:The New Palgrave Dictionary of Economics, 1245:The New Palgrave Dictionary of Economics, 1145:The New Palgrave Dictionary of Economics, 1106:The New Palgrave Dictionary of Economics, 1059:The New Palgrave Dictionary of Economics, 735:, ch. VIII ("Welfare Economics"), p. 221. 62:Learn how and when to remove this message 1229:ch. 9, "Equity and Justice," pp. 131-51. 1161:The New Palgrave Dictionary of Economics 904:ch. 9, "Equity and Justice," pp. 131-51. 873:The New Palgrave Dictionary of Economics 828:   • Peter J. Hammond, 1982. " 761:The New Palgrave Dictionary of Economics 671:and Michael S. McPherson, 2005, 2nd Ed. 491:The New Palgrave Dictionary of Economics 471:• Developed along more general lines in 594:Origins of Economic Thought and Justice 102:is a subcategory of social justice and 1324: 712:   • Phillipe Mongin, 2000. 673:Economic Analysis and Moral Philosophy 565:• Peter J. Hammond, 1987. "altruism," 109:Models of economic justice frequently 1310:Handbook of Social Choice and Welfare 770:Handbook of Social Choice and Welfare 1214:Collective Choice and Social Welfare 1194:Collected Papers of Kenneth J. Arrow 889:Collective Choice and Social Welfare 687:   • Julian Lamont, 2007. 160:analysis. The subject is a topic of 15: 1057:, 2008 "equality of opportunity," 854:Encyclopedia of Law & Economics 747:Social Choice and Individual Values 694:Stanford Encyclopedia of Philosophy 662:Stanford Encyclopedia of Philosophy 615:Economic Justice: Selected Readings 133:, wedged on the same line between ' 13: 642:, 1987. "Marxian value analysis". 596:. Link to 1-page chapter-content 14: 1353: 783:Social Justice and Public Policy. 422: 1009:& scroll to chapter-preview 732:Foundations of Economic Analysis 657:"Economics and Economic Justice" 507:For example, in Barry Clark and 205:theory, as an ethical basis for 74:Subcategory of welfare economics 20: 1293: 1206: 1186: 1169: 1153: 1137: 1115:Handbook of Income Distribution 1104:Amartya Sen, 2008. "justice," 1098: 1082: 1047: 1016: 968: 912: 881: 794: 772:, v. 1, ch. 11, pp. 543-596. 753: 738: 723: 718:Is There Progress in Economics? 649: 626: 513:Philosophy & Public Affairs 121:, or "in the small", as in the 988:and scroll to chapter-preview 955:Journal of Economic Literature 788:and scroll to chapter-preview 603: 583: 559: 534:Equity: In Theory and Practice 522: 501: 465: 441: 416: 392: 219:(1970), Kenneth Arrow (1983), 1: 1312:, v. 1, ch. 11, pp. 543–596. 1071:, Harvard University Press. 994:   • _____, 2000. 528:The latter is the subject of 385: 180:(1947), expanding on work of 1256:, Harvard University Press. 1127:, Harvard University Press. 1123:   • _____, 2009. 1090:Commodities and Capabilities 1067:   • _____, 1998. 980:   • _____, 1996. 129:'justice' is scrolled to at 7: 1243:• _____, 2008. "justice," 449:"On Economic Justice | SPH" 316: 10: 1358: 1029:Anarchy, State, and Utopia 982:Modern Theories of Justice 918:• Kenneth J. Arrow, 1983. 477:Wise Choices, Apt Feelings 1212:• Amartya K. Sen, 1970 . 1198:Social Choice and Justice 924:Social Choice and Justice 729:Paul A. Samuelson, 1947. 297:is found in the works of 265:intergenerational justice 195:ordinal utility functions 1192:Kenneth J. Arrow, 1983. 1177:American Economic Review 864:Journal of Legal Studies 830:The Economics of Justice 806:The Economics of Justice 744:Kenneth J. Arrow, 1963. 655:• Marc Fleurbaey, 2008. 324:Constitutional economics 166:philosophy and economics 1069:Equality of Opportunity 959:Rationality and Freedom 887:Amartya K. Sen, 1970 . 819:and chapter links, pp. 174:social welfare function 1088:Amartya K. Sen, 1985. 948:, and chapter-preview 689:"Distributive Justice" 288:social contract theory 42:by rewriting it in an 329:Cost-benefit analysis 241:liberty, entitlements 221:Serge-Christophe Kolm 176:. As to the latter, 90:economic institutions 1117:, v. 1, Ch. 1, pp. 483:and chapter-preview 275:, for example as to 273:social choice theory 156:and sometimes as to 154:distributive justice 1278:Philippe Van Parijs 1254:The Idea of Justice 1125:The Idea of Justice 1041:A Theory of Justice 844:Columbia Law Review 646:, v. 3, pp. 383-87. 623:, v. 1, pp. 886-88. 339:Economic inequality 311:economic efficiency 261:economic efficiency 162:normative economics 113:the ethical-social 1222:2011-05-01 at the 1005:2012-10-10 at the 996:Justice and Equity 944:2008-04-17 at the 933:2009-04-16 at the 897:2011-05-01 at the 815:2009-12-27 at the 707:. Chapter preview 682:2016-05-27 at the 590:Joseph J. Spengler 571:, v. 1, pp. 85-87. 425:"Economic Justice" 400:"Economic Justice" 359:Positive economics 251:, and fairness as 80:is a component of 44:encyclopedic style 31:is written like a 1332:Welfare economics 1276:, Kenneth Arrow, 1262:Table of Contents 802:Richard A. Posner 669:Daniel M. Hausman 636:, 150, pp. 47-85. 379:Taxation as theft 364:Poverty reduction 354:Pareto efficiency 344:Economic security 277:extended sympathy 257:Pareto efficiency 211:law and economics 170:utility functions 104:welfare economics 86:welfare economics 72: 71: 64: 1349: 1316: 1297: 1291: 1286:guide to reviews 1210: 1204: 1190: 1184: 1173: 1167: 1157: 1151: 1141: 1135: 1102: 1096: 1086: 1080: 1051: 1045: 1020: 1014: 976:Public Economics 972: 966: 920:Collected Papers 916: 910: 885: 879: 875:, 2nd Edition. 834:Yale Law Journal 798: 792: 757: 751: 742: 736: 727: 721: 653: 647: 630: 624: 611:Edmund S. Phelps 607: 601: 587: 581: 563: 557: 526: 520: 505: 499: 494:, 2nd Edition. 469: 463: 462: 460: 459: 445: 439: 438: 436: 435: 420: 414: 413: 411: 410: 396: 267:, and other non- 78:Economic justice 67: 60: 56: 53: 47: 24: 23: 16: 1357: 1356: 1352: 1351: 1350: 1348: 1347: 1346: 1322: 1321: 1320: 1319: 1307: 1298: 1294: 1252:• _____, 2009. 1251: 1242: 1233: 1224:Wayback Machine 1211: 1207: 1191: 1187: 1174: 1170: 1163:, 2nd Edition. 1158: 1154: 1142: 1138: 1122: 1112: 1103: 1099: 1087: 1083: 1075:and scrollable 1066: 1052: 1048: 1034:   • 1033: 1021: 1017: 1007:Wayback Machine 993: 979: 973: 969: 952: 946:Wayback Machine 935:Wayback Machine 917: 913: 899:Wayback Machine 886: 882: 870: 861: 851: 841: 827: 817:Wayback Machine 799: 795: 777:   • 776: 767: 763:, 2nd Edition. 758: 754: 743: 739: 728: 724: 711: 701:Julian Le Grand 699:   • 698: 686: 684:Wayback Machine 667:   • 666: 654: 650: 638:   • 637: 634:New Left Review 631: 627: 618: 608: 604: 588: 584: 572: 564: 560: 530:H. Peyton Young 527: 523: 506: 502: 487: 470: 466: 457: 455: 447: 446: 442: 433: 431: 421: 417: 408: 406: 398: 397: 393: 388: 383: 369:Social equality 334:Deadweight loss 319: 313:(Konow, 2003). 207:economic-policy 199:ordinal-utility 75: 68: 57: 51: 48: 40:help improve it 37: 25: 21: 12: 11: 5: 1355: 1345: 1344: 1339: 1334: 1318: 1317: 1292: 1290: 1289: 1260:and scroll to 1230: 1205: 1185: 1179:, 67(1), pp. 1168: 1152: 1136: 1097: 1081: 1055:John E. Roemer 1046: 1015: 967: 911: 909: 908: 905: 880: 793: 752: 737: 722: 648: 625: 613:, ed., 1973. 602: 582: 558: 521: 509:Herbert Gintis 500: 464: 440: 415: 390: 389: 387: 384: 382: 381: 376: 374:Social justice 371: 366: 361: 356: 351: 346: 341: 336: 331: 326: 320: 318: 315: 225:utilitarianism 178:Paul Samuelson 82:social justice 73: 70: 69: 28: 26: 19: 9: 6: 4: 3: 2: 1354: 1343: 1340: 1338: 1335: 1333: 1330: 1329: 1327: 1315: 1311: 1306: 1303:2nd Edition. 1302: 1296: 1287: 1283: 1279: 1275: 1274:Hilary Putnam 1271: 1267: 1263: 1259: 1255: 1250: 1247:2nd Edition. 1246: 1241: 1238:, 45(1), pp. 1237: 1231: 1228: 1227: 1225: 1221: 1218: 1217:(description) 1215: 1209: 1203: 1199: 1195: 1189: 1182: 1178: 1172: 1166: 1162: 1156: 1150: 1147:2nd Edition. 1146: 1140: 1134: 1131:and preview 1130: 1126: 1120: 1116: 1111: 1108:2nd Edition. 1107: 1101: 1095: 1091: 1085: 1078: 1074: 1070: 1064: 1061:2nd Edition. 1060: 1056: 1050: 1043: 1042: 1037: 1031: 1030: 1025: 1024:Robert Nozick 1019: 1012: 1008: 1004: 1001: 997: 991: 987: 983: 977: 971: 964: 960: 956: 951: 947: 943: 940: 936: 932: 929: 925: 921: 915: 906: 903: 902: 900: 896: 893: 892:(description) 890: 884: 878: 874: 869: 866:, 32(1), pp. 865: 859: 855: 849: 846:, 83(2), pp. 845: 839: 835: 831: 826: 822: 818: 814: 811: 807: 803: 797: 791: 787: 784: 780: 779:A.B. Atkinson 775: 771: 766: 762: 756: 749: 748: 741: 734: 733: 726: 719: 715: 710: 706: 702: 696: 695: 690: 685: 681: 678: 674: 670: 664: 663: 658: 652: 645: 641: 635: 629: 622: 616: 612: 606: 599: 595: 591: 586: 580: 578: 570: 569: 562: 555: 551: 547: 543: 539: 535: 531: 525: 518: 514: 510: 504: 497: 493: 492: 486: 482: 478: 474: 473:Allan Gibbard 468: 454: 450: 444: 430: 426: 423:Hayes, Adam. 419: 405: 401: 395: 391: 380: 377: 375: 372: 370: 367: 365: 362: 360: 357: 355: 352: 350: 347: 345: 342: 340: 337: 335: 332: 330: 327: 325: 322: 321: 314: 312: 308: 304: 300: 296: 293: 289: 285: 280: 278: 274: 270: 266: 262: 258: 254: 250: 246: 242: 238: 237:primary goods 234: 230: 226: 222: 218: 214: 212: 208: 204: 200: 196: 192: 191:Kenneth Arrow 187: 183: 182:Abram Bergson 179: 175: 171: 167: 163: 159: 155: 150: 148: 144: 143:Externalities 140: 136: 132: 128: 124: 120: 116: 112: 107: 105: 101: 97: 93: 91: 87: 83: 79: 66: 63: 55: 52:November 2023 45: 41: 35: 34: 29:This article 27: 18: 17: 1309: 1300: 1295: 1272:comments of 1253: 1244: 1236:Econometrica 1235: 1213: 1208: 1197: 1193: 1188: 1176: 1171: 1160: 1155: 1144: 1139: 1124: 1114: 1105: 1100: 1094:Description. 1089: 1084: 1068: 1058: 1049: 1039: 1027: 1018: 995: 981: 978:, Macmillan. 975: 970: 958: 954: 923: 919: 914: 888: 883: 872: 863: 856:, v. 1, pp. 853: 843: 833: 829: 805: 796: 782: 769: 760: 755: 745: 740: 730: 725: 717: 704: 692: 672: 660: 651: 643: 633: 628: 620: 614: 605: 593: 585: 574: 566: 561: 533: 524: 515:, 7(4), pp. 512: 503: 489: 476: 467: 456:. Retrieved 452: 443: 432:. Retrieved 429:Investopedia 428: 418: 407:. Retrieved 404:Investopedia 403: 394: 349:Laffer curve 292:evolutionary 281: 249:capabilities 233:distribution 215: 151: 119:social order 115:requirements 108: 94: 77: 76: 58: 49: 30: 1337:Game theory 1282:G. A. Cohen 1258:Description 1129:Description 1073:Description 1000:Description 986:Description 928:Description 810:Description 786:Description 542:description 481:Description 299:Ken Binmore 284:game theory 245:opportunity 217:Amartya Sen 1326:Categories 1270:back-cover 1036:John Rawls 1013:MIT Press. 992:MIT Press. 836:, 91(7), p 640:J.E.Roemer 617:. Penguin. 458:2021-02-03 453:www.bu.edu 434:2021-02-03 409:2023-02-27 386:References 307:behavioral 295:naturalism 186:represents 139:Inequality 1314:Abstract. 1305:Abstract. 1249:Abstract. 1165:Abstract. 1149:Abstract. 1110:Abstract. 877:Abstract. 858:1041-1071 774:Abstract. 765:Abstract. 750:, 2nd ed. 677:extracts. 554:scrolling 550:chapter 1 269:welfarist 111:represent 100:economics 1284:, and a 1220:Archived 1202:preview. 1196:, v. 1, 1063:Abstract 1038:, 1971, 1026:, 1974. 1003:Archived 942:Archived 939:contents 931:Archived 922:, v. 1, 895:Archived 868:331-362. 813:Archived 804:, 1981. 781:, 1982. 703:, 1991. 680:Archived 598:previews 592:, 1980. 577:Abstract 532:, 1994, 496:Abstract 475:, 1990, 317:See also 303:fairness 253:non-envy 229:equality 147:Altruism 131:JEL: D63 1342:Justice 1266:preview 1077:preview 963:325-348 961:, pp. 848:488-525 838:p. 1493 546:preview 231:in the 158:Marxian 137:' and ' 96:Justice 38:Please 1280:, and 1240:53-88. 1011:links. 990:links. 950:links. 840:-1507. 790:links. 709:links. 548:, and 485:links. 290:, and 203:Pareto 135:Equity 123:equity 1183:-225. 1133:link. 1119:59-85 825:xiii. 552:(via 519:-325. 255:plus 172:or a 998:. 164:and 145:and 84:and 1264:, 1181:219 937:, 926:. 540:; 538:6-7 517:302 235:of 213:. 98:in 1328:: 1268:, 1226:: 1200:, 1092:. 1053:• 1022:• 984:. 901:: 821:xi 808:. 800:• 691:, 659:, 609:• 556:). 544:, 479:. 451:. 427:. 402:. 286:, 243:, 239:, 184:, 149:. 1288:. 1121:. 1079:. 1065:. 1044:. 1032:. 965:. 860:. 850:. 823:- 720:. 697:. 665:. 600:. 579:. 498:. 461:. 437:. 412:. 201:/ 65:) 59:( 54:) 50:( 46:.

Index

personal reflection, personal essay, or argumentative essay
help improve it
encyclopedic style
Learn how and when to remove this message
social justice
welfare economics
economic institutions
Justice
economics
welfare economics
represent
requirements
social order
equity
Journal of Economic Literature classification codes
JEL: D63
Equity
Inequality
Externalities
Altruism
distributive justice
Marxian
normative economics
philosophy and economics
utility functions
social welfare function
Paul Samuelson
Abram Bergson
represents
Kenneth Arrow

Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.