Social Welfare, Markets and Efficiency

Roger D. Johnson

Chapter Chapter 4 in Rediscovering Social Economics, 2017, pp 41-56 from Palgrave Macmillan

Abstract: Abstract The concept of Pareto Optimality provides Neoclassical economist with both a definition of efficiency and a narrowly defined concept of justice. By implicitly assuming Pareto Optimality to be the market norm, they effectively limit their ability to confront fundamental social issues involving need-based behaviors and their relationship to distributional issues. Health care and public safety are two basic social concerns that create particular problems for simple market-oriented solutions. A narrow focus on efficiency can also lead to policies which help to distort human relationships and diminish social welfare.

Keywords: Social Welfare; Income Inequality; Pareto Optimality; Homicide Rate; Neoclassical Economist (search for similar items in EconPapers)
Date: 2017
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DOI: 10.1007/978-3-319-51265-5_4

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