Download or read book Economic Efficiency and the Parameters of Fairness written by Barbara Ann White and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This article provides resolutions to a number of conundrums that have vexed policy-makers and scholars for some decades. The most significant conclusion is that efficiency and fairness concerns do not conflict but rather mutually support each other in the goal of maximizing social welfare. This is contrary to the more widely-held view by both advocates of law and economic reasoning and those favoring deontological concerns that a trade-off between fairness and efficiency is inevitable. This article demonstrates how the coalescence of the two frameworks, the cultivation of fairness with law and economics' efficiency maximization, yields greater enhancements of social welfare than efficiency alone, by simultaneously satisfying the criteria of both. The analysis also points out that more than one state of the world likely exists that satisfies both sets of criteria and the selection is political, not determined by any objective criteria, but chosen by the subjective criteria of the decision-maker. This article also discusses Kaplow and Shavell's noted and contrary assertion that a rigourous demonstration (with mathematical formality) shows that fairness concerns should never enter as an independent factor when policy makers seek to maximize social welfare. I show, however, that Kaplow and Shavell's conclusion rests on a mathematical construction of fairness that essentially strips it of all social-welfare enhancing properties, which does not comport with usual notions and purposes of fairness. It is this faulty mathematical construction that leads them to the conclusions they reach. The indeterminacy inherent in the Pareto efficiency criteria leading to multiple efficient states not only characterizes efficiency analysis's limitations but also delineates the scope for deontological choices. This article shows that a decision regarding efficient states necessarily requires deontological decisions; deontological decisions do not substitute for efficiency but compliment it. Finally, the concept of “parameters of fairness” is introduced as a means to circumscribe the maximum efficient states that are also maximum fairness states. Considering excessive corporate harm by way of example, a matter mainstream economic analysis has failed to resolve, I employ feminist legal theory as the deontological construct to yield a range of satisfactory efficient and fair resolutions. Though any deontological system would do, the conflation of feminist legal theory and law and economic analysis is particularly significant because, historically, supporters in each camp have been diametrically opposed to the tenets of the other.
Download or read book Macrojustice written by Serge-Christophe Kolm and published by Cambridge University Press. This book was released on 2004-12-13 with total page 556 pages. Available in PDF, EPUB and Kindle. Book excerpt: The main features of the just society, as they would be chosen by the unanimous, impartial, and fully informed judgment of its members, present a remarkable and simple meaningful structure. In this society, individuals' freedom is fully respected, and overall redistribution amounts to an equal sharing of individuals' different earnings obtained by the same limited 'equalization labour'. The concept of equalization labour is a measure of the degree of community, solidarity, reciprocity, redistribution, and equalization of the society under consideration. It is determined by a number of methods presented in this study, which also emphasizes the rationality, meanings, properties, and ways of practical implementation of this optimum distribution. This result is compared with the various distributive principles found in practice and in political, philosophical, and economic thinking, with the conclusion that most have their proper specific scope of application. The analytical presentation of the social ethics of economics is particularly enlightening.
Download or read book Fairness in Practice written by Aaron James and published by OUP USA. This book was released on 2012-04-13 with total page 381 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this book, the author argues that to achieve a fair global economy, there must be compensation of people harmed by their exposure to the global economy, but also equal division of the "gains of trade" across societies.
Download or read book Fairness in Law and Economics written by Lee Anne Fennell and published by Edward Elgar Publishing. This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although the relationship between fairness and the economic concept of efficiency is usually cast as an adversarial one, this collection demonstrates the robust and diverse ways in which economics engages - and cannot avoid engaging - with fairness. Part I contains papers presenting positive analyses of fairness preferences and beliefs, which are fundamental means through which fairness matters for economic models. Part II turns to normative analysis and the broad question of how law should reconcile fairness and efficiency considerations. Part III presents a sampling of legal and policy applications in which both fairness and efficiency considerations prove important. Along with an original introduction by the editors this is a must-have volume that will appeal to students, academics and practitioners who are interested in this exciting field.
Download or read book Fair Division and Collective Welfare written by Herve Moulin and published by National Geographic Books. This book was released on 2004-08-20 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The concept of fair division is as old as civil society itself. Aristotle's "equal treatment of equals" was the first step toward a formal definition of distributive fairness. The concept of collective welfare, more than two centuries old, is a pillar of modern economic analysis. Reflecting fifty years of research, this book examines the contribution of modern microeconomic thinking to distributive justice. Taking the modern axiomatic approach, it compares normative arguments of distributive justice and their relation to efficiency and collective welfare. The book begins with the epistemological status of the axiomatic approach and the four classic principles of distributive justice: compensation, reward, exogenous rights, and fitness. It then presents the simple ideas of equal gains, equal losses, and proportional gains and losses. The book discusses three cardinal interpretations of collective welfare: Bentham's "utilitarian" proposal to maximize the sum of individual utilities, the Nash product, and the egalitarian leximin ordering. It also discusses the two main ordinal definitions of collective welfare: the majority relation and the Borda scoring method. The Shapley value is the single most important contribution of game theory to distributive justice. A formula to divide jointly produced costs or benefits fairly, it is especially useful when the pattern of externalities renders useless the simple ideas of equality and proportionality. The book ends with two versatile methods for dividing commodities efficiently and fairly when only ordinal preferences matter: competitive equilibrium with equal incomes and egalitarian equivalence. The book contains a wealth of empirical examples and exercises.
Download or read book Fairness as an Efficiency enhancing Constraint written by Daniel Friedman and published by . This book was released on 1988 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Political Economy of Fairness written by Edward E. Zajac and published by MIT Press. This book was released on 1995 with total page 348 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work questions how governments should balance the aims of justice and economic efficiency when intervening in the economy. It covers the main advances of fairness theory and reviews the experimental work of economists as well as the more standard approaches of moral philosophers.
Download or read book Fairness Versus Efficiency written by Werner Güth and published by . This book was released on 2001 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Pitfalls in the Theory of Fairness written by Elisha Pazner and published by . This book was released on 1975 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Equality and Efficiency REV written by Arthur M. Okun and published by Brookings Institution Press. This book was released on 2015-04-30 with total page 171 pages. Available in PDF, EPUB and Kindle. Book excerpt: Originally published in 1975, Equality and Efficiency: The Big Tradeoff is a very personal work from one of the most important macroeconomists of the last hundred years. And this new edition includes "Further Thoughts on Equality and Efficiency," a paper published by the author two years later. In classrooms Arthur M. Okun may be best remembered for Okun's Law, but his lasting legacy is the respect and admiration he earned from economists, practitioners, and policymakers. Equality and Efficiency is the perfect embodiment of that legacy, valued both by professional economists and those readers with a keen interest in social policy. To his fellow economists, Okun presents messages, in the form of additional comments and select citations, in his footnotes. To all readers, Okun presents an engaging dual theme: the market needs a place, and the market needs to be kept in its place. As Okun puts it: Institutions in a capitalist democracy prod us to get ahead of our neighbors economically after telling us to stay in line socially. This double standard professes and pursues an egalitarian political and social system while simultaneously generating gaping disparities in economic well-being. Today, Okun's dual theme feels incredibly prescient as we grapple with the hot-button topic of income inequality. In his foreword, Lawrence H. Summers declares: On what one might think of as questions of "economic philosophy," I doubt that Okun has been improved on in the subsequent interval. His discussion of how societies rely on rights as well as markets should be required reading for all young economists who are enamored with market solutions to all problems. With a new foreword by Lawrence H. Summers
Download or read book A Theory of Justice written by John RAWLS and published by Harvard University Press. This book was released on 2009-06-30 with total page 624 pages. Available in PDF, EPUB and Kindle. Book excerpt: Though the revised edition of A Theory of Justice, published in 1999, is the definitive statement of Rawls's view, so much of the extensive literature on Rawls's theory refers to the first edition. This reissue makes the first edition once again available for scholars and serious students of Rawls's work.
Download or read book Law and Economics of Justice written by Klaus Mathis and published by Springer Nature. This book was released on with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Economic Dignity written by Gene Sperling and published by Penguin. This book was released on 2021-10-12 with total page 385 pages. Available in PDF, EPUB and Kindle. Book excerpt: “Timely and important . . . It should be our North Star for the recovery and beyond.” —Hillary Clinton “Sperling makes a forceful case that only by speaking to matters of the spirit can liberals root their belief in economic justice in people’s deepest aspirations—in their sense of purpose and self-worth.” —The New York Times When Gene Sperling was in charge of coordinating economic policy in the Obama White House, he found himself surprised when serious people in Washington told him that the Obama focus on health care was a distraction because it was “not focused on the economy.” How, he asked, was the fear felt by millions of Americans of being one serious illness away from financial ruin not considered an economic issue? Too often, Sperling found that we measured economic success by metrics like GDP instead of whether the economy was succeeding in lifting up the sense of meaning, purpose, fulfillment, and security of people. In Economic Dignity, Sperling frames the way forward in a time of wrenching change and offers a vision of an economy whose guiding light is the promotion of dignity for all Americans.
Download or read book Fairness in Practice written by Aaron James and published by OUP USA. This book was released on 2012-04-13 with total page 382 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this book, the author argues that to achieve a fair global economy, there must be compensation of people harmed by their exposure to the global economy, but also equal division of the "gains of trade" across societies.
Download or read book Economic Efficiency in Law and Economics written by Richard O. Zerbe and published by Edward Elgar Publishing. This book was released on 2002-01-01 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic Efficiency in Law and Economics is an interesting and worthwhile book. Megan Richardson, Economic Record Zerbe s new book is high-powered and potentially important. Bill Goodman, Monthly Labor Review In this path-breaking book, Richard Zerbe introduces a new way to think about the concept of economic efficiency that is both consistent with its historical derivation and more useful than concepts currently used. He establishes an expanded version of Kaldor Hicks efficiency as an axiomatic system that performs the following tasks: the new approach obviates certain technical and ethical criticisms that have been made of economic efficiency; it answers critics of efficiency; it allows an expanded range for efficiency analysis; it establishes the conditions under which economists can reasonably say that some state of the world is inefficient. He then applies the new analysis to a number of hard and fascinating cases, including the economics of duelling, cannibalism and rape. He develops a new theory of common law efficiency and indicates the circumstances under which the common law will be inefficient. The book will be of great interest to scholars, students, and practitioners interested in the concept of economic efficiency and how it should be applied to law and economics.
Download or read book Fairness in Antitrust written by Adi Ayal and published by Bloomsbury Publishing. This book was released on 2014-12-01 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: What drives popular support for state-enforced competition policy? What is it about antitrust law that garners approval from both the public and courts, to the point of demonizing large firms convicted of antitrust offenses? In this book Adi Ayal argues that the populist roots of antitrust are still with us, guiding sentiment towards a legal regime that has otherwise shifted towards economic analysis. Antitrust is very much about fairness and morality; this book assesses how modern policy has hijacked popular support - based on traditional conceptions of political and economic power - to combat market power in narrowly defined micro-markets. Beginning with history, but delving into moral and political philosophy, Professor Ayal shows how arguments concerning fairness in antitrust apply both to monopolists and their victims. Fairness thus requires a balancing test based on context and respecting the rights of all parties involved. While traditionally fairness arguments were used to justify intervention where economic analysis did not, this book assesses them from first principles, to show that pure efficiency analysis is flawed from a moral standpoint when the state intervenes. Protecting weak consumers from strong monopolists may carry rhetorical weight, but the reality of antitrust is that the state is much more powerful than almost all firms it regulates. Protecting the strong from the weak, especially when 'weak' consumers hold legal power and influence, might very well be a moral imperative. This book offers a philosophical account of the conundrum facing competition policy which challenges widely-held yet often implicit and unfounded beliefs.
Download or read book Fairness in the World Economy written by Americo Beviglia Zampetti and published by Edward Elgar Publishing. This book was released on 2006-01-01 with total page 231 pages. Available in PDF, EPUB and Kindle. Book excerpt: Americo Beviglia Zampetti s Fairness in the World Economy provides an important lens into understanding fairness debates in contemporary trade discourse. . . an important contribution to the trade literature. . . the historical excavation that Fairness in the World Economy provides is of great value. Students and scholars alike will find Zampetti s clear and concise history of US trade policy from the founding to the present to be extremely useful. More importantly, at a time when there is widespread argument that too few share in [globalization s] benefits [and] too many have no voice in its design and no influence on its course, Fairness in the World Economy invites its readers to consider the adequacy of the level playing field notion of fairness and to grapple with the politically contentious question of how trade can help create a more just international economic order. Jeffrey L. Dunoff, The American Journal of International Law This is an unusually timely and insightful work, addressing the crucial issue of the justice of globalization. The author avoids the polemics and abstractions with which this question is usually treated; his economic literacy as well as hands-on policy experience in international and transnational institutions, make this a uniquely practical, balanced and nuanced account, bringing much clarity to a heated debate, which usually divides the different disciplines and specialities rather than inciting their engagement. Robert L. Howse, University of Michigan, Ann Arbor, US This volume describes the birth (with all the birth defects) of the notion of fairness in the US. The extent of the author's research is quite breathtaking: not only does he delve into an infinite series of official and semi-official documents, but he also looks at case law, opinions expressed in the literature etc., to come up with an expression of (US) fairness that does not suffer from selection bias. But this is only half what the author has accomplished through his work. He goes on to examine how US fairness has been exported to international institutions (such as the GATT/WTO regime) and demonstrates how, once discussed and shaped among all trading partners, it has come back to the US in a different form. The book thus provides both the inside out and the outside in perspective. It will prove invaluable for the political scientist, the economic historian and the lawyer alike. Petros C. Mavroidis, Edwin B. Parker Professor of Law, Columbia Law School, US and University of Neuchatel, Switzerland & CEPR This book represents a significant scholarly contribution to the field of international political economy, with particular respect to the evolution of the multilateral trading system. The author engages effectively with the current debate concerning the conflict between the legalistic foundations of the multilateral trading system underpinned by the equality of nation states and the demands for fair trade on the basis of inter-personal equity. It is a coherent and well-researched book on a critically important issue that has not received the significant attention that it deserves within the field of international trade policy. Robert Read, Lancaster University Management School, UK In an international context, fairness is particularly important, since only a system which is perceived by its participants as fair can command acceptance and compliance. The main focus of this study is to investigate the development of the notion of fairness in US trade policy and law as well as the impact this notion has on international trade discussions and rule-making, and especially on the formation of the multilateral trade regime. The contention of the author, Americo Beviglia Zampetti, is that fairness concerns, which have been present in the US trade policy debates and treaty practice since the Republic s inception, have contributed to shaping these debates and practice over the years, both at home and abroad. These concerns were
