Welfare Comparison and Fairness

Takashi Hayashi ()
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Takashi Hayashi: University of Glasgow

Chapter Chapter 30 in Microeconomic Theory for the Social Sciences, 2021, pp 459-471 from Springer

Abstract: Abstract I have used Pareto efficiency as a criterion for welfare judgment in many places in this book, but I also emphasized that the Pareto principle alone is silent about whether a change in economic activity is desirable when it does not improve all individuals welfare and about who should gain and who should lose, and how much. Also I emphasized that Pareto efficiency has nothing to do with notion of fairness in any sense.

Date: 2021
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DOI: 10.1007/978-981-16-3541-0_30

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