Distributive Justice and Desirable Ends of Economic Activity

Kenneth Arrow

Chapter 3 in Issues in Contemporary Macroeconomics and Distribution, 1985, pp 134-156 from Palgrave Macmillan

Abstract: Abstract It is no part of economics, certainly not of modern post-1870 economics, to argue the purpose of the economy’s production.1 The purpose of the economy is the welfare of the consumers, public and private. In no sense is mere production as such a proper measure, rather, it has to be production for the ends that people want. Output, income, and consumption are important aims and preconditions for achieving other goals of individuals; that is, they are only a part of what people live for.

Keywords: Income Distribution; Social Choice; Distributive Justice; Capital Formation; Full Employment (search for similar items in EconPapers)
Date: 1985
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DOI: 10.1007/978-1-349-06879-1_3

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