Efficiency and Equity in a Society-Economy Integrated Model

Marc Fleurbaey, Ravi Kanbur and Dennis Snower

No 313754, Working Papers from Cornell University, Department of Applied Economics and Management

Abstract: A model that only focuses on economic relations, and in which eciency and equity are dened in terms of resource allocation may miss an important part of the picture. We propose an inte- grated model that embeds economic activities in a larger game of social interactions, and dene comprehensive notions of eciency and equity. Social interactions provide additional sources of ineciencies and inequalities, including through the mere lack of coordination between the regu- lation mechanisms of the economic sphere and the social sphere. Remedies may require more than market solutions and redistribution of resources. In particular, social norms are likely to play an important role.

Keywords: Farm Management; Financial Economics (search for similar items in EconPapers)
Pages: 54
Date: 2021-08-06
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Related works:
Working Paper: Efficiency and Equity in a Society-Economy Integrated Model (2021)
Working Paper: Efficiency and equity in a society-economy integrated model (2021)
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Persistent link: https://EconPapers.repec.org/RePEc:ags:cudawp:313754

DOI: 10.22004/ag.econ.313754

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