La filosofía ética de la Teoría del Equilibrio General

The Moral Philosophy of The General Equilibrium Theory

Osmar Loaiza Quintero

MPRA Paper from University Library of Munich, Germany

Abstract: Walrasian General Equilibrium Theory puts no restriction on the income distribution that results from the market functioning, since this theory purportedly excludes the analysis of distribution related problems, as they may imply the introduction of normative considerations. However, the absence of some kind of equity criteria, namely, of a normative judgment regarding the desirable distribution of wealth or income, is not a proof about the amorality of this theory; on the contrary, such an absence is due to the kind of value judgments underlying it. The aim of this paper is then to expose those value judgments that lie at the very base of the Walrasian General Equilibrium Theory, which explain the absence of some equity related criteria and to examine some alternatives that aim to solve this shortage.

Keywords: General Equilibrium Theory; utilitarianism; Arrow's Impossibility Theorem; Moral Philosophy (search for similar items in EconPapers)
JEL-codes: A13 D30 D63 (search for similar items in EconPapers)
Date: 2008-10-15
New Economics Papers: this item is included in nep-hpe
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