Economic justice

Economic justice is generally distributive justice and equality of outcome and sometimes a component of social justice in a normative sense, as several economic theories and approaches provide insights in understanding distributive justice. Economic justice is the desired outcome of just and fair economic institutions, with the ultimate goal of providing a sufficient material foundation for a dignified, productive, and creative life. What is just and fair remains deeply contested, often along political affiliations. Welfare economics traditionally is normative economics, generically speaking, and has since come to be associated with a particular subdomain in economics.

Some ideas about justice and ethics overlap with the origins of economic thought,Joseph J. Spengler, 1980. Origins of Economic Thought and Justice. Link to 1-page chapter-content previews . often as to distributive justice Edmund S. Phelps, ed., 1973. Economic Justice: Selected Readings. Penguin. Phelps, ed., 1987. "distributive justice," The New Palgrave: A Dictionary of Economics, v. 1, pp. 886-88.}} and sometimes as to Marxian analysis. 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.}} The subject is a topic of normative economics and philosophy and economics. 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. 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?. In early welfare economics, where it was mentioned, 'justice' was little distinguished from maximization of all individual utility functions or a social welfare function. As to the latter, Paul Samuelson (1947),Paul A. Samuelson, 1947. Foundations of Economic Analysis, ch. VIII ("Welfare Economics"), p. 221. expanding on the work of Abram Bergson, represents 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. Kenneth Arrow (1963) showed a difficulty of trying to extend a social welfare function consistently across different hypothetical ordinal utility functions, even aside from considerations of justice.Kenneth J. Arrow, 1963. Social Choice and Individual Values, 2nd ed. Utility maximization survives, even with the rise of ordinal-utility/Pareto theory, as an ethical basis for economic policy judgments 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. in the wealth-maximization criterion invoked in law and economics. Richard A. Posner, 1981. The Economics of Justice. Description 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.

Amartya Sen (1970),Amartya K. Sen, 1970 . Collective Choice and Social Welfare : ch. 9, "Equity and Justice," pp. 131-51. ch. 9*, "Impersonality and Collective Quasi-Orderings," pp. 152-160. Kenneth Arrow (1983), Kenneth J. Arrow, 1983. Collected Papers, v. 1, Social Choice and Justice. Description , contents , 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. Serge-Christophe Kolm (1969, 1996, 2000),• Serge-Christophe Kolm, 1969. "The Optimal Production of Social Justice," in J. Margolis and H. Guitton (eds.), Public Economics, Macmillan. Kolm, 1996. Modern Theories of Justice. Description and scroll to chapter-preview links. MIT Press. Kolm, 2000. Justice and Equity. Description & scroll to chapter-preview links. MIT Press. and others have considered ways in which utilitarianism as an approach to justice is constrained or challenged by independent claims of equality in the distribution of primary goods, liberty, entitlements, Robert Nozick, 1974. Anarchy, State, and Utopia. John Rawls, 1971, A Theory of Justice. opportunity, John E. Roemer, 2008 "equality of opportunity," The New Palgrave Dictionary of Economics, 2nd Edition. Abstract. Roemer, 1998. Equality of Opportunity, Harvard University Press. Description and scrollable preview. exclusion of antisocial preferences, possible capabilities,Amartya K. Sen, 1985. Commodities and Capabilities. Description. and fairness as non-envy plus Pareto efficiency.Amartya Sen, 2008. "justice," The New Palgrave Dictionary of Economics, 2nd Edition. Abstract. Sen, 2000. "Social Justice and the Distribution of Income," in Handbook of Income Distribution, v. 1, Ch. 1, pp. 59-85. Sen, 2009. The Idea of Justice, Harvard University Press. Description and preview link. Alternative approaches consider how to combine concern for the worst off with economic efficiency, the notion of personal responsibility and the merits and drawbacks of reducing individual benefits, claims of intergenerational justice,Bertil Tungodden, 2008. "justice (new perspectives)," The New Palgrave Dictionary of Economics, 2nd Edition. Abstract. and other non-welfarist/Pareto approaches.Louis Kaplow, 2008. "Pareto principle and competing principles," The New Palgrave Dictionary of Economics, 2nd Edition. Abstract. Justice is a subarea of social choice theory, for example in work on extended sympathy,Kenneth J. Arrow, 1977. "Extended Sympathy and the Possibility of Social Choice," American Economic Review, 67(1), pp. 219-225. and more generally in the work of Arrow,Kenneth J. Arrow, 1983. Collected Papers of Kenneth J. Arrow, v. 1, Social Choice and Justice, preview. Sen, Amartya K. Sen, 1970 . Collective Choice and Social Welfare : ch. 9, "Equity and Justice," pp. 131-51. ch. 9*, "Impersonality and Collective Quasi-Orderings," pp. 152-160. Sen, 1977. "Social Choice Theory: A Re-Examination," Econometrica, 45(1), pp. 53-88. Sen, 2008. "justice," The New Palgrave Dictionary of Economics, 2nd Edition. Abstract. Sen, 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. and others. 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.

A broad reinterpretation of justice from the perspective of game theory, social contract theory, and evolutionary naturalism is found in the works of Ken Binmore (1994, 1998, 2004) and others, who have invoked arguments on fairness as an aspect of justice to explain a wide range of behavioral and theoretical applications, supplementing earlier emphasis on economic efficiency.Konow, 2003.

Economic justice

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