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Description
This important textbook has been revised and updated to continue its focus on the link between ethics and economic policy analysis, whilst ensuring that perspectives addressing the moral limits of the market, latest behavioural economics literature, and the changes in inequality over the years are included. Basic philosophical concepts are systematically described, followed by conventional welfare economic theory and policy, and applications to some topical economic problems such as income distribution and sustainable development.
Table of Contents
Part 1. Basic Principles.- 1. Preview.- 2. The Main Concepts.- 3. Fact and Value in Personal Choice.- 4. How to Make ‘Bad’ Choices.- 5. Fact and Value in Economic Policy: three examples.- 6. From Economic ‘Efficiency’ to Economic Welfare.- 7. The ‘Social Welfare Function’.- 8. The ‘Mindless’ Society.- 9. Utilitarianism: The Search For A Single Over-riding Value.- 10 Constraints on Utilitarianism.- Part 2. Applications.- 11. GDP and Friends.- 12. Happiness.- 13. The Most Important Price: The Discount Rate.- 14. The Price of life.- 15. Equality: Fact or Value.- 16. Equality of What?.- 17. The Boundary of Society in Space.- Annex to Chapter 17: How to share out equitably he burden of combating climate change.- 18. The Boundary of Society inTime.- 19. Overview: The Role of Welfare Economics