Welfare and Efficiency: Socioeconomic Controversies in Modern Times

  • Michihiro Ohyama
Part of the Advances in Japanese Business and Economics book series (AJBE, volume 14)


In recent years, we have witnessed a number of critics and commentators who argue that the pursuit of efficiency spoils the realization of social values such as security, health, environment, and fairness. Is it really true that the pursuit of efficiency impedes social values? What are the social values to begin with? Are they to be distinguished from the individual values in the narrow sense defined in economics? In this chapter, we intend to review the relevant concepts and elucidate the relationship between social values and efficiency.


Nash Equilibrium Market Failure Business Organization Production Frontier Indifference Curve 
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Copyright information

© Springer Japan 2016

Authors and Affiliations

  • Michihiro Ohyama
    • 1
  1. 1.Professor EmeritusKeio UniversityTokyoJapan

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