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Efficiency and Equity in a Society-Economy Integrated Model

  • A model that only focuses on economics relations, and in which efficiency and equity are defined in terms of resource allocation may miss an important part of the picture. We propose an integrated model that embeds economic activities in a larger game of social interactions, and define comprehensive notions of efficiency and equity. Social interactions provide additional sources of inefficiencies and inequalities, including through the mere lack of coordination between the regulation mechanisms of the economics sphere and the social sphere. Remedies may require more than market solutions and redistribution of resources. In particular, social norms are likely to play an important role.

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Metadaten
Document Type:Working Paper
Language:English
Author(s):Marc Fleurbaey, Ravi Kanbur, Dennis Snower
Publication year:2021
Publishing Institution:Hertie School
Number pages:56
Related URL:https://www.cesifo.org/en/publikationen/2021/working-paper/efficiency-and-equity-society-economy-integrated-model
Release Date:2021/10/11
Edition:CESifo Working Paper No. 9259
AY 21/22:AY 21/22
Licence of document (German):Metadaten / metadata
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