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Consequences, Opportunities, and Procedures

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  • Kotaro Suzumura

Abstract

This paper reflects on consequentialism which underlies the traditional normative economics. It asserts that the informatioanl basis of normative economics should be expanded so that the intrinsic value of social choice procedures should be properly taken into account along with the value of their consequences. Three examples--the problem of fair cake division, the role of competition in the promotion of economic welfare, and bilateral trade restrictions--are invoked to pinpoint the services rendered by procedural considerations in making social welfare judgements. The Pareto libertarian paradox is also re-examined within the extended framework incorporating procedural considerations along with consequential considerations.

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Bibliographic Info

Paper provided by Institute of Economic Research, Hitotsubashi University in its series Discussion Paper Series with number a338.

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Date of creation: Jul 1997
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Handle: RePEc:hit:hituec:a338

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Cited by:
  1. Arlegi, R. & Dimitrov, D.A., 2004. "On Procedural Freedom of Choice," Discussion Paper 2004-9, Tilburg University, Center for Economic Research.
  2. Juan Perote Peña, 2003. "Ethical Implementation and the Creation of Moral Values," Economic Working Papers at Centro de Estudios Andaluces E2003/25, Centro de Estudios Andaluces.
  3. Nirvikar Singh, 2004. "The Impact of International Labor Standards: A Survey of Economic Theory," International Trade 0412007, EconWPA.
  4. Martin Sandbu, 2008. "Axiomatic foundations for fairness-motivated preferences," Social Choice and Welfare, Springer, vol. 31(4), pages 589-619, December.
  5. repec:ebl:ecbull:v:30:y:2010:i:1:p:103-114 is not listed on IDEAS

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