The definition and measurement of social welfare have been a vexed
issue for the past century. This book makes a constructive, easily
applicable proposal and suggests how to evaluate the economic
situation of a society in a way that gives priority to the
worse-off and that respects each individual's preferences over his
or her own consumption, work, leisure, and so on. This approach
resonates with the current concern to go beyond the GDP in the
measurement of social progress. Compared to technical studies in
welfare economics, this book emphasizes constructive results rather
than paradoxes and impossibilities, and shows how one can start
from basic principles of efficiency and fairness and end up with
concrete evaluations of policies. Compared to more philosophical
treatments of social justice, this book is more precise about the
definition of social welfare and reaches conclusions about concrete
policies and institutions only after a rigorous derivation from
clearly stated principles.
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