A Theory of Fairness and Social Welfare

This book proposes a theory of social welfare that encapsulates fairness principles in the definition of social preferences.

Marc Fleurbaey (Author), François Maniquet (Author)

9780521887427, Cambridge University Press

Hardback, published 13 June 2011

316 pages, 89 b/w illus. 6 tables
22.9 x 15.2 x 2.2 cm, 0.64 kg

'Marc Fleurbaey and François Maniquet's book constitutes an outstanding contribution, suitable (and highly recommended) for the broad audience of mainstream economists and policy makers alike, and a 'must read' for those with a taste for normative economics. One can only wish that books like this one get published more often.' Journal of Economic Inequality

The definition and measurement of social welfare have been a vexed issue for the past century. This book makes a constructive, easily applicable proposal and suggests how to evaluate the economic situation of a society in a way that gives priority to the worse-off and that respects each individual's preferences over his or her own consumption, work, leisure and so on. This approach resonates with the current concern to go 'beyond the GDP' in the measurement of social progress. Compared to technical studies in welfare economics, this book emphasizes constructive results rather than paradoxes and impossibilities, and shows how one can start from basic principles of efficiency and fairness and end up with concrete evaluations of policies. Compared to more philosophical treatments of social justice, this book is more precise about the definition of social welfare and reaches conclusions about concrete policies and institutions only after a rigorous derivation from clearly stated principles.

Preface
Introduction
Part I. Basics: 1. A contribution to welfare economics
2. Efficiency versus equality
3. Priority to the worst-off
4. The informational basis of social orderings
Part II. Distribution: 5. Fair distribution of divisible goods: two approaches
6. Specific domains
7. Extensions
Part III. Production: 8. Public good
9. Private good
10. Unequal skills
11. Income taxation
Conclusions
Proofs.

Subject Areas: Political economy [KCP], Economic theory & philosophy [KCA], Social & political philosophy [HPS], Research methods: general [GPS]