Economic justice

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Justice (economics)
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Economic justice is a component of

economic institutions, 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.[1]
."

Justice in economics is a subcategory of social justice and welfare economics. It is a "set of moral and ethical principles for building economic institutions".[2] Economic justice aims to create opportunities for every person to have a dignified, productive and creative life that extends beyond simple economics.[3]

Models of economic justice frequently

Externalities and Altruism.[7]

Some ideas about justice and ethics overlap with the origins of economic thought,

ordinal utility functions even apart from justice.[13] Utility maximization survives, even with the rise of ordinal-utility/Pareto theory, as an ethical basis for economic-policy judgments[14] in the wealth-maximization criterion invoked in law and economics.[15]

intergenerational justice,[23] and other non-welfarist/Pareto approaches.[24] Justice is a subarea of social choice theory, for example as to extended sympathy,[25] and more generally in the work of Arrow,[26] Sen,[27] and others.[28]

A broad reinterpretation of justice from the perspective of

Ken Binmore (1994, 1998, 2004) and others. Arguments on fairness as an aspect of justice have been invoked to explain a wide range of behavioral and theoretical applications, supplementing earlier emphasis on economic efficiency
(Konow, 2003).

See also

References

  1. ^ "Economic Justice". Investopedia. Retrieved 2023-02-27.
  2. ^ Hayes, Adam. "Economic Justice". Investopedia. Retrieved 2021-02-03.
  3. ^ "On Economic Justice | SPH". www.bu.edu. Retrieved 2021-02-03.
  4. ^ • Developed along more general lines in Allan Gibbard, 1990, Wise Choices, Apt Feelings. Description and chapter-preview links.
       • Marc Fleurbaey, 2008. "ethics and economics," The New Palgrave Dictionary of Economics, 2nd Edition. Abstract.
  5. ^ For example, in Barry Clark and Herbert Gintis, 1978, "Rawlsian Justice and Economic Systems," Philosophy & Public Affairs, 7(4), pp. 302-325.
  6. H. Peyton Young, 1994, Equity: In Theory and Practice, Princeton University Press, discussed in general terms and as quoted, pp. 6-7; description, preview, and chapter 1[permanent dead link] (via scrolling
    ).
  7. The New Palgrave: A Dictionary of Economics, v. 1, pp. 85-87.
       • James Andreoni, William T. Harbaugh, and Lise Vesterlund, 2008. "altruism in experiments," The New Palgrave Dictionary of Economics, 2nd Edition. Abstract
    .
  8. ^ Joseph J. Spengler, 1980. Origins of Economic Thought and Justice. Link to 1-page chapter-content previews.
  9. Edmund S. Phelps
    , ed., 1973. Economic Justice: Selected Readings. Penguin.
       • _____, ed., 1987. "distributive justice," The New Palgrave: A Dictionary of Economics, v. 1, pp. 886-88.
  10. ^ • Norman Geras, 1985. "The Controversy about Marx and Justice," New Left Review, 150, pp. 47-85.
       • J.E.Roemer, 1987. "Marxian value analysis". The New Palgrave: A Dictionary of Economics, v. 3, pp. 383-87.
  11. ^ • Marc Fleurbaey, 2008. "Economics and Economic Justice", Stanford Encyclopedia of Philosophy.
       • Daniel M. Hausman and Michael S. McPherson, 2005, 2nd Ed. Economic Analysis and Moral Philosophy, Part III: Liberty, rights, equality, and justice. pp. 157-214. Drill to preview extracts. Archived 2016-05-27 at the Wayback Machine
       • Julian Lamont, 2007. "Distributive Justice", Stanford Encyclopedia of Philosophy.
       • Julian Le Grand, 1991. Equity and Choice: An Essay in Economics and Applied Philosophy. Chapter preview links.
       • Phillipe Mongin, 2000. "Is There Progress in Normative Economics?", same title in Stephan Boehm, et al., eds., 2002, Is There Progress in Economics?.
  12. ^ Paul A. Samuelson, 1947. Foundations of Economic Analysis, ch. VIII ("Welfare Economics"), p. 221.
  13. ^ Kenneth J. Arrow, 1963. Social Choice and Individual Values, 2nd ed.
  14. ^ • Jonathan Riley, 2008. "utilitarianism and economic theory," The New Palgrave Dictionary of Economics, 2nd Edition. Abstract.
       • Charles Blackorby, Walter Bossert, and David Donaldson, 2002. "Utilitarianism and the Theory of Justice," Handbook of Social Choice and Welfare, v. 1, ch. 11, pp. 543-596. Abstract.
       • A.B. Atkinson, 1982. Social Justice and Public Policy. Description and scroll to chapter-preview links.
  15. ^ • Richard A. Posner, 1981. The Economics of Justice. Description Archived 2009-12-27 at the Wayback Machine and chapter links, pp. xi-xiii.
       • Peter J. Hammond, 1982. "The Economics of Justice and the Criterion of Wealth Maximization," Yale Law Journal, 91(7), pp. 1493-1507.
       • Richard Schmalbeck, 1983. "The Justice of Economics: An Analysis of Wealth Maximization as a Normative Goal," Columbia Law Review, 83(2), pp. 488-525.
       • Denis J. Brion, 2000. "Norms & Values in Law & Economics," in Encyclopedia of Law & Economics, v. 1, pp. 1041-1071.
       • Louis Kaplow and Steven Shavell, 2003. Fairness versus Welfare: Notes on the Pareto Principle, Preferences, and Distributive Justice," Journal of Legal Studies, 32(1), pp. 331-362.
       • A. Mitchell Polinsky and Steven Shavell, 2008. "law, economic analysis of," The New Palgrave Dictionary of Economics, 2nd Edition. Abstract.
  16. ^ Amartya K. Sen, 1970 [1984]. Collective Choice and Social Welfare (description) Archived 2011-05-01 at the Wayback Machine:
    ch. 9, "Equity and Justice," pp. 131-51.
    ch. 9*, "Impersonality and Collective Quasi-Orderings," pp. 152-160.
  17. ^ • Kenneth J. Arrow, 1983. Collected Papers, v. 1, Social Choice and Justice. Description Archived 2009-04-16 at the Wayback Machine, contents Archived 2008-04-17 at the Wayback Machine, and chapter-preview links.
       • Amartya Sen, 1985. "Social Choice and Justice: A Review Article," Journal of Economic Literature, 23(4), pp. 1764-76. Review of Arrow, 1983. Reprinted in Sen, 2003, Rationality and Freedom, pp. 325-348.
  18. ^ • Serge-Christophe Kolm, 1969. "The Optimal Production of Social Justice," in J. Margolis and H. Guitton (eds.), Public Economics, Macmillan.
       • _____, 1996. Modern Theories of Justice. Description and scroll to chapter-preview links. MIT Press.
       • _____, [1972] 2000. Justice and Equity. Description Archived 2012-10-10 at the Wayback Machine & scroll to chapter-preview links. MIT Press.
  19. ^ • Robert Nozick, 1974. Anarchy, State, and Utopia.
       • John Rawls, 1971, A Theory of Justice.
  20. John E. Roemer, 2008 "equality of opportunity," The New Palgrave Dictionary of Economics, 2nd Edition. Abstract.
       • _____, 1998. Equality of Opportunity, Harvard University Press. Description and scrollable preview
    .
  21. ^ Amartya K. Sen, 1985. Commodities and Capabilities. Description.
  22. ^ Amartya Sen, [1987] 2008. "justice," The New Palgrave Dictionary of Economics, 2nd Edition. Abstract.
       • _____, 2000. "Social Justice and the Distribution of Income," in Handbook of Income Distribution, v. 1, Ch. 1, pp. 59-85.
       • _____, 2009. The Idea of Justice, Harvard University Press. Description and preview link.
  23. ^ Bertil Tungodden, 2008. "justice (new perspectives)," The New Palgrave Dictionary of Economics, 2nd Edition. Abstract.
  24. ^ Louis Kaplow, 2008. "Pareto principle and competing principles," The New Palgrave Dictionary of Economics, 2nd Edition. Abstract.
  25. ^ Kenneth J. Arrow, 1977. "Extended Sympathy and the Possibility of Social Choice," American Economic Review, 67(1), pp. 219-225.
  26. ^ Kenneth J. Arrow, 1983. Collected Papers of Kenneth J. Arrow, v. 1, Social Choice and Justice, preview.
  27. ^ • Amartya K. Sen, 1970 [1984]. Collective Choice and Social Welfare (description) Archived 2011-05-01 at the Wayback Machine:
    ch. 9, "Equity and Justice," pp. 131-51.
    ch. 9*, "Impersonality and Collective Quasi-Orderings," pp. 152-160.
    • _____, 1977. "Social Choice Theory: A Re-Examination," Econometrica, 45(1), pp. 53-88.
    • _____, [1987] 2008. "justice," The New Palgrave Dictionary of Economics, 2nd Edition. Abstract.
    • _____, 2009. The Idea of Justice, Harvard University Press. Description and scroll to Table of Contents, preview, back-cover comments of Hilary Putnam, Kenneth Arrow, Philippe Van Parijs, and G. A. Cohen, and a guide to reviews.
  28. ^ • Walter Bossert and John A. Weymark, 2008. "social choice (new developments)," The New Palgrave Dictionary of Economics, 2nd Edition. Abstract.
       • Charles Blackorby, Walter Bossert, and David Donaldson, 2002. "Utilitarianism and the Theory of Justice," Handbook of Social Choice and Welfare, v. 1, ch. 11, pp. 543–596. Abstract.
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