Advertisement

Welfare and Efficiency: Socioeconomic Controversies in Modern Times

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

Abstract

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.

Keywords

Nash Equilibrium Market Failure Business Organization Production Frontier Indifference Curve 
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.

References

  1. Arrow, K. J. (1951). Social choice and individual values. New Haven: Yale University Press.Google Scholar
  2. Kornai, J. (1986). The soft budget constraint. Kyklos, 39(1), 3–30.CrossRefGoogle Scholar
  3. Krugman, P. H., & Wells, R. (2006). Macroeconomics. New York: Worth.Google Scholar
  4. Mankiw, N. G. (1998). Principles of economics. Boston: South-Western Cengage Learning.Google Scholar
  5. Marshall, A. (1890). Principles of economics. London: Macmillan.Google Scholar
  6. Mas-Collel, A., Whinston, M. D., & Green, J. R. (1995). Microeconomic theory. Oxford: Oxford University Press.Google Scholar
  7. Ohyama, M. (1972). Trade and welfare in general equilibrium. Keio Economic Studies, 9, 37–73.Google Scholar
  8. Robbins, L. (1938). Interpersonal comparison of utility: A comment. The Economic Journal, 48, 692–712.CrossRefGoogle Scholar
  9. Samuelson, P. A. (1956). Social indifference curves. The Quarterly Journal of Economics, 70, 1–22.CrossRefGoogle Scholar
  10. Stiglitz JE (2005) Economics. Norton, New YorkGoogle Scholar
  11. Tinbergen, J. (1952). On the theory of economic policy. Amsterdam: North-Holland.Google Scholar

Copyright information

© Springer Japan 2016

Authors and Affiliations

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

Personalised recommendations