Abstract
The basic theory of welfare economics enables one to identify how far the market is operating ‘efficiently’. This is taken to mean how far the market allocates resources in such a way as to make the maximum contribution – given resources and technical knowledge – to society’s economic welfare.
Keywords
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.
This is a preview of subscription content, log in via an institution.
Buying options
Tax calculation will be finalised at checkout
Purchases are for personal use only
Learn about institutional subscriptionsBibliography
Anderson, E., 1999, ‘What Is the Point of Equality?’, Ethics, 109.
Sen, A., 1970, Collective Choice and Social Welfare, Holden-Day, San Francisco, and Oliver & Boyd, London.
Stern, N., 2006, The Economics of Climate Change: The Stern Review, Cambridge University Press.
Stiglitz, J., 2012, The Price of Inequality, Penguin Books, Harmondsworth, UK.
Sunstein, C., 2014, Valuing Lives: Humanizing the Regulatory State, University of Chicago.
Author information
Authors and Affiliations
Rights and permissions
Copyright information
© 2017 The Author(s)
About this chapter
Cite this chapter
Beckerman, W. (2017). From Economic ‘Efficiency’ to Economic Welfare. In: Economics as Applied Ethics. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-319-50319-6_7
Download citation
DOI: https://doi.org/10.1007/978-3-319-50319-6_7
Published:
Publisher Name: Palgrave Macmillan, Cham
Print ISBN: 978-3-319-50318-9
Online ISBN: 978-3-319-50319-6
eBook Packages: Economics and FinanceEconomics and Finance (R0)